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Rupee little changed from Friday’s close on subdued local equities

17 Nov 2014 Evaluate

Indian rupee was trading little changed from its previous close on Monday tailing mixed performance of other Asian currencies and subdued local equities.  The currency after making a fairly strong start, lost substantial gains during early deals, nevertheless the trend continued to remain positive after data released on Friday showed the wholesale price index (WPI)-based inflation for the month of October was at 1.77%, the slowest pace since September 2009. In yet another encouraging development for Indian currency, Services sector exports rose by 5.3 per cent in September, while imports during the month fell by 9.1% to $ 6.17 billion against the year-ago period. On the global front, dollar swung wildly against the yen on Monday, initially spiking to a seven-year high after data showed Japan's economy unexpectedly slipped into recession before pulling down as the grim economic news sent Tokyo stocks tumbling.

The partially convertible currency is currently trading at 61.68, little changed from its previous close of 61.72 on Friday. The currency touched a high and low of 61.72 and 61.63 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 61.64 and for Euro stood at 76.69 on November 14, 2014. While, the RBI’s reference rate for the Yen stood at 53.04, the reference rate for the Great Britain Pound (GBP) stood at 96.5400. The reference rates are based on 12 noon rates of a few select banks in Mumbai.

Date1US$1GBP
November 14, 201461.6496.5400
November 13, 201461.55 97.0984
(RBI-Reference Rate)

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