Indian rupee after a positive start and trading steady for the first half lost its momentum to turn weak on Monday, on increased dollar demand from oil companies and importers to meet their month end requirement. Earlier the domestic currency made a good start taking cues from the regional peers after China’s central bank unexpectedly cut benchmark interest rates for the first time since July 2012. The gains in local equity markets too supported the rupee upmove, however in the latter half of the trade increased dollar demand and reported payout to Iran dragged the rupee lower. In the global market the pound turned lower against the dollar amid speculation economic data this week will underpin the Bank of England’s policy of maintaining record-low interest rates.
Finally the rupee ended at 61.94, weaker by 16 paise from its previous close of 61.78 on Friday. The currency touched a high and low of 61.96 and 61.65 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 61.77 and for Euro stood 76.59 on November 24, 2014. While, the RBI’s reference rate for the Yen stood at 52.41, the reference rate for the Great Britain Pound (GBP) stood at 96.7842. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
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