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Rupee trades strong ahead of Sept IIP, Oct CPI data

12 Nov 2014 Evaluate

Indian rupee, after making a flat start has gained some ground and is currently trading strong against dollar on the back of positive local equities ahead of the release of crucial macro-economic data, i.e. September IIP data and October CPI data, which is scheduled to be released later in the day.  While, the street widely expects consumer price index (CPI) to be at 6.46%, which is another new low for the index since it started in January 2012, it expects industrial output numbers (IIP) to be at 0.2%. On the global front, yen pulled back from a seven-year low against the dollar on Wednesday, after comments from a Japanese government official cooled heightened speculation that Prime Minister Shinzo Abe would call a general election in December.

The partially convertible currency is currently trading at 61.48, stronger by 7 paise from its previous close of 61.55 on Tuesday. The currency touched a high and low of 61.56 and 61.48 respectively.  The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 61.55 and for Euro stood at 76.48 on November 11, 2014. While, the RBI’s reference rate for the Yen stood at 53.43, the reference rate for the Great Britain Pound (GBP) stood at 97.5260. The reference rates are based on 12 noon rates of a few select banks in Mumbai.

Date1US$1GBP
November 11, 201461.55 97.5260
November 10, 201461.45 97.7567

(RBI-Reference Rate)

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