Evening report mar 24

Rupee ended 50.72/50.73.Rupee slipped against US dollar as banks continued to buy the greenback noting its rise against euro and as local shares erased intra day gains. Month-end dollar demand from importers also expedited the Indian unit's fall today. Dollar slumped to a 6-week low against the pound as world stocks extended gains on optimism the U.S. Treasury's plan to remove banks' toxic assets will revive economic growth, reducing the safety appeal of the US currency .Extending Asian session's downtrend, the euro declined to new multi-day lows against the British pound and the Swiss franc after the German newspaper Bild reported today that German government forecast the largest Euro zone economy to shrink this year. . The German government forecast the largest Euro zone economy to contract in the range of 4% to 4.5% this year, the German newspaper. pound gained against its major counterparts. Annual inflation is forecast to ease to 2.6% in February from 3% last month. Meanwhile, retail prices are expected to drop 0.7% annually, following a 0.1% rise in January. The yen fell to a five-month low against the euro as U.S. plans to help banks dispose of toxic assets spurred investor appetite for higher-yielding currencies.