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Rupee trades weak on Iraq turmoil

20 Jun 2014 Evaluate

Indian rupee after making a weak start, continued to trade weak against dollar on the back of ongoing violence in Iraq, which weighed on the risk appetite of investors across the globe. Tensions of conflict escalated after President Barack Obama said on Thursday he was sending up to 300 U.S. military advisers to Iraq. Meanwhile, flat local equities were too lending no support to Indian currency. Nevertheless, further slide of Indian currency looked unlikely on account of RBI’s intervention, which off lately has been seen buying dollars via state run to curb the currency’s fall. On the global front, dollar remained under pressure on Friday but managed to win back some lost territory after upbeat U.S. data helped temper the fallout from the Federal Reserve's surprisingly dovish policy outlook.

The partially convertible currency is currently trading at 60.28, weaker by 19 paise from its previous close of 60.09 on Thursday. The currency touched a high and low of 60.33 and 60.18 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 60.00 and for Euro stood at 81.71 on June 19, 2014. While, the RBI’s reference rate for the Yen stood at 58.94, the reference rate for the Great Britain Pound (GBP) stood at 102.0473. The reference rates are based on 12 noon rates of a few select banks in Mumbai.

Date1US$1GBP
June 19, 201460.00 102.0473
June 18, 201460.12 102.0004

(RBI-Reference Rate)

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