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Rupee holds tad strong ahead of outcome of Fed’s meeting on Wednesday

29 Oct 2014 Evaluate

Indian rupee after making a good trade, continued to hold strong against dollar on Wednesday tailing the hefty gains of local equities and strength of other Asian currencies. Besides, hopes of more reform measures by the new government are also driving up the sentiment. However, month-end dollar demand from oil importers and prevailing caution ahead of the outcome of Fed’s two day meeting, which would conclude on Wednesday, is keeping gains in check. On the global front, dollar held steady on Wednesday ahead of the latest guidance from the U.S. Federal Reserve, with the Fed seen likely to wind down its bond-buying stimulus, though taking a cautious tone on raising interest rates.

The partially convertible currency is currently trading at 61.29, stronger by 4 paise from its previous close of 61.33 on Tuesday. The currency touched a high and low of 61.31 and 61.25 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 61.35 and for Euro stood at 77.92 on October 28, 2014. While, the RBI’s reference rate for the Yen stood at 56.89, the reference rate for the Great Britain Pound (GBP) stood 98.9307. The reference rates are based on 12 noon rates of a few select banks in Mumbai.

Date1US$1GBP
October 28, 2014 61.35 98.9307
October 27, 201461.22 98.5297

(RBI-Reference Rate)

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