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Rupee pares off some losses; still trades weak on risk-off sentiment

18 Jul 2014 Evaluate

Indian rupee after hitting a month low level at the start of trade, has pared some of its losses tailing the gains of local equities, however overall trade continue to remain weak on Friday on account of  prevailing risk-off sentiment after news of downed Malaysian airlines jet at the Ukraine-Russia border sent investors to defensive assets. Nevertheless, recovery of local equity markets to some extent limited the sharper slide of the local unit. On the global front, Russia's rouble tumbled against the dollar on Thursday, but the greenback eased amid a global scramble to defensive assets by investors spooked by news a Malaysian passenger jet had been brought own in Ukrainian airspace.

The partially convertible currency is currently trading at 60.33, weaker by 14 paise from its previous close of 60.19 on Thursday. The currency has touched a high and low of 60.45 and 60.30 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 60.14 and for Euro stood at 81.33 on July 17, 2014. While, the RBI’s reference rate for the Yen stood at 59.25, the reference rate for the Great Britain Pound (GBP) stood at 103.0019. The reference rates are based on 12 noon rates of a few select banks in Mumbai.

Date1US$1GBP
July 17, 201460.14 103.0019
July 16, 201460.19103.1361

(RBI-Reference Rate)

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