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Rupee ends stronger on sustain dollar sales

09 Oct 2015 Evaluate

Indian rupee hits two month high ended stronger on the last trading day of the week due to selling of the American currency by exporters and banks. The domestic currency looked strong from the very beginning and was supported by the smart rally in the local equity markets. Further, weakness of dollar against the basket of major currencies overseas also supported the rupee. Moreover, the sentiment got a boost with the Central Board of Excise and Customs’ statement that GST can be implemented anytime during a year and not only at the beginning of a financial year. On the global front, dollar rose against the yen, but fell against most other currencies overseas after the Federal Reserve's September meeting minutes indicated the US central bank isn't in a hurry to raise interest rates. 

Finally, the rupee ended at 64.74, 35 paise stronger from its previous close of 65.09 on Thursday. The currency touched a high and low of 64.92 and 64.72 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 64.78 and for Euro stood at 73.08 on October 9, 2015. While, the RBI’s reference rate for the Yen stood at 53.96 the reference rate for the Great Britain Pound (GBP) stood at 99.5418. The reference rates are based on 12 noon rates of a few select banks in Mumbai.  

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