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Rupee recovers after making a weak start on Friday

12 Sep 2014 Evaluate

Indian rupee, after witnessing consolidation in the previous trading session and making a weak start, recouped lost ground and was trading with strength on Friday ahead of the release of crucial macro-economic data such as July industrial output and August Retail inflation. While, the street expects Industrial production to grow 1.8% from a year earlier in July, slower than June's 3.4% increase, India's consumer price inflation, closely tracked by the Reserve Bank of India, is also expected to edge lower to 7.80% in August from July's 7.96%. However, further gains of local currency were limited on account of weakness of other major Asian currencies against American greenback. On the global front, dollar set a fresh six-year high against the yen on Friday, continuing to draw strength as investors bet that the U.S. Federal Reserve could send a hawkish signal at its policy meeting next week.

The partially convertible currency is currently trading at 60.85, stronger by 8 paise from its previous close of 60.93 on Thursday. The currency touched a high and low of 61.02 and 60.83 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 60.91 and for Euro stood at 78.63 on September 11, 2014. While, the RBI’s reference rate for the Yen stood at 56.96, the reference rate for the Great Britain Pound (GBP) stood at 98.6587. The reference rates are based on 12 noon rates of a few select banks in Mumbai.

Date1US$1GBP
September 11, 201460.91 98.6587
September 10, 201460.82 98.1482

(RBI-Reference Rate)

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