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Rupee strengthens on sustained selling of US currency by exporters and banks

06 Oct 2015 Evaluate

Indian rupee strengthened marginally against dollar in early deals on Tuesday on account of sustained selling of the US currency by exporters and banks amid gains in the local equity markets. Further, hopes that the US Federal Reserve would find it difficult to hike interest rate at least in 2015, following a less-than-expected jobs data released last week, too supported domestic currency. However, firm dollar against major Asian currencies restricted the rupee movement. On the global front, the dollar climbed versus the safe-haven yen on Tuesday as improving investor risk appetite worked against the Japanese currency, which was also under pressure from the prospect of the Bank of Japan eventually easing monetary policy.

The partially convertible currency is currently trading at 65.28, little changed from its previous close of 65.29 on Monday. The currency touched a high and low of 65.3075 and 65.25 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 65.29 and for Euro stood at 73.39 on October 5, 2015. While, the RBI’s reference rate for the Yen stood at 54.39 the reference rate for the Great Britain Pound (GBP) stood at 99.3134. The reference rates are based on 12 noon rates of a few select banks in Mumbai.

Date 1US$1GBP
October 05, 201565.290599.3134
October 01, 2015 65.554099.1701

(RBI-Reference Rate)

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