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Rupee strengthens on increased selling of American currency by exporters and banks

05 Oct 2015 Evaluate

Indian rupee strengthened against dollar in early deals on Monday on account of increased selling of American currency by exporters and banks and on a higher opening in the domestic equity market. Further, a fall in dollar against major world currencies globally, after less-than-expected US jobs data fuelled speculation that the world’s largest economy is not ready for an interest rate hike any time soon, also helped the rupee gain strength. US economy added just 142,000 jobs during September, much lower than the expectations of 200,000 plus jobs.

The partially convertible currency is currently trading at 65.30, stronger by 21 paise from its previous close of 65.51 on Thursday. The currency touched a high and low of 65.3350 and 65.21 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 65.55 and for Euro stood at 73.07 on October 1, 2015. While, the RBI’s reference rate for the Yen stood at 54.54, the reference rate for the Great Britain Pound (GBP) stood at 99.1701. The reference rates are based on 12 noon rates of a few select banks in Mumbai.

Date1US$1GBP
October 01, 201565.554099.1701
September 30, 201565.741899.5331

(RBI-Reference Rate)

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