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Rupee snaps four consecutive sessions’ depreciating streak on Tuesday

30 Dec 2014 Evaluate

Indian rupee, snapping four consecutive sessions’ depreciating streak, ended stronger on Tuesday tailing the recovery of local equities and strength of other Asian currencies, while dollar sales by exporters in view of its weakness overseas also aided the recovery of Indian currency. Sentiment was also buoyed after foreign institutional investors net bought government bonds for about Rs 8.36 billion ($131.6 million) on Monday. On the global front, yen gained sharply against both the dollar and the euro as investors sought the traditional safety of the Japanese currency amid end-of-year nerves over economic risks ahead.

Finally the rupee ended at 63.38, stronger by 30 paise from its previous close of 63.68 on Monday. The currency touched a high and low of 63.78 and 63.35 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 63.74 and for Euro stood at 77.32 on December 30, 2014. While, the RBI’s reference rate for the Yen stood at 53.00, the reference rate for the Great Britain Pound (GBP) stood at 98.8759. The reference rates are based on 12 noon rates of a few select banks in Mumbai.

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