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Rupee gains on fresh selling of the US currency by exporters

11 Sep 2015 Evaluate

Indian rupee recovered against the dollar in early trade on Friday on account of fresh selling of the US currency by exporters. Besides, dollar’s weakness against major currencies overseas and early gains in domestic equity markets also supported the rupee. However, investors are likely to remain cautious ahead of the announcement of key macroeconomic number, Index of industrial production (IIP) later in the day. The US Federal Reserve is scheduled to meet on 16-17 September, the outcome for which is eagerly awaited as many believe the Fed may start hardening its stance, or at least give a clear path of rate hikes, following the meetings. On the global front, the dollar nursed broad losses early on Friday, having come under selling pressure against the yuan, while sterling received a shot in the arm after the Bank of England downplayed global risks facing the UK economy.

The partially convertible currency is currently trading at 66.38, stronger by 5 paise from its previous close of 66.43 on Thursday. The currency touched a high and low of 66.4125 and 66.3250 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 66.58 and for Euro stood at 74.71 on September 10, 2015. While, the RBI’s reference rate for the Yen stood at 55.14, the reference rate for the Great Britain Pound (GBP) stood at 102.2930. The reference rates are based on 12 noon rates of a few select banks in Mumbai.

Date1US$1GBP
September 10, 201566.5840102.2930
September 09, 201566.2945101.8880

RBI-Reference Rate)

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