Rupee weakens against euro

The Indian rupee fell against euro on Monday after German Chancellor Angela Merkel said European officials have discussed combining the euro-area's bailout funds to reinforce the region's financial firewall. Rupee futures for March 2012 contract falls as much as 0.30 paise at Rs. 66.1450 per euro on the National Stock Exchange (NSE) at 12.01pm.

Sentiment weakened further as the European currency was supported before Italian Prime Minister Mario Monti holds talks with unions and employers to revise labor laws this week.

At the Chicago Mercantile Exchange (CME), EURUSD future for March 2012 contract traded at US$1.3168 per euro (USD appreciated by 0.06 per cent against EUR) and GBPUSD future for March 2012 contract traded at US$1.5842 per pound (USD depreciated by 0.02 per cent against GBP) at 12.02 PM today.

S&P CNX NIFTY, at NSE, was trading at 5,297.70, down by 0.38 per cent, after opening at 5,337.35 against the previous closing of 5,317.90. It touched the intra-day low of 5,281.70 till the trading. (At 11.57 AM today).

At NSE, EURINR for March 2012 contract traded at Rs. 66.1450 per euro, rupee depreciated 0.30 paise against euro, after opening at Rs. 66.1475 against the previous closing price of Rs. 65.8400. Rupee fell to Rs. 66.0000 with a business volume of 5235 lots till the trading (At 12.01 PM today).

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