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Rupee concludes at three week high level on Friday ahead of US fed’s speech

22 Aug 2014 Evaluate

Indian rupee, witnessing strong session of trade, concluded at three week high on Friday on continued buying of debt and shares by foreign investors. Additionally, record high levels of local equities after Reserve Bank of India, in its annual report, affirmed of economy emerging from recession amidst signs of improvement in macroeconomic pointers like fiscal deficit and inflation, mining and manufacturing activity along with external demand combined with stabilizing global commodity and reversal in the corporate investment cycle, also aided the sentiment. Besides, weakness of dollar overseas on prevailing caution ahead of US Federal Reserve Chairwoman Janet Yellen's speech at Jackson Hole, Wyoming, due later in the day, also worked in the favour of Indian currency.

Finally the rupee ended at 60.47, stronger by 20 paise from its previous close of 60.67 on Thursday. The currency touched a high and low of 60.56 and 60.38 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 60.43 and for Euro stood at 80.35 on August 22, 2014. While, the RBI’s reference rate for the Yen stood at 58.29, the reference rate for the Great Britain Pound (GBP) stood at 100.2391. The reference rates are based on 12 noon rates of a few select banks in Mumbai.

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