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Rupee trades weak on Thursday

05 Feb 2015 Evaluate

Indian rupee was trading weak against dollar on account of dollar demand from banks and oil importers in view of its strength overseas. However, strength of local equities after three consecutive sessions of drubbing weighed on the sentiment. The currency appreciated substantially during the previous trading session on account of encouraging service PMI data, which picked up pace in January, however the currency lost strength on account of strength of dollar index against the basket of major currencies. On the global front, euro took a spill early on Thursday after the European Central Bank said it will no longer accept Greek bonds as collateral for its liquidity operations, dealing a blow to Athens which is seeking debt relief from euro zone lenders.

The partially convertible currency is currently trading at 61.88, weaker by 13 paise from its previous close of 61.75 on Wednesday. The currency touched a high and low of 62.00 and 61.81 respectively.  The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 61.68 and for Euro stood at 70.74 on February 04, 2015. While, the RBI’s reference rate for the Yen stood at 52.42, the reference rate for the Great Britain Pound (GBP) stood at 93.5316. The reference rates are based on 12 noon rates of a few select banks in Mumbai.

Date1US$1GBP
February 04, 201561.68 93.5316
February 03, 201561.73 92.7071

(RBI-Reference Rate)

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