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Rupee ends marginally weaker against dollar

12 Oct 2015 Evaluate

India rupee ended marginally weaker against dollar on Monday on fresh demand for American currency by banks and exporters. Besides, weak trade in the local equity market also hit the sentiment of rupee. Investors overlooked the Chief Economic Advisor Arvind Subramanian’s statement that growth in collection of indirect taxes in the first half of the current fiscal shows robust GDP expansion. Indirect tax collection increased 35.8 percent in the April-September period of the 2015-16 fiscal to Rs 3.24 lakh crore. Meanwhile, investors remained cautious ahead of Consumer Price Index (CPI) and Industrial Production data scheduled to be unveiled later in the day. On the global front, dollar was nearly three-week low against the basket of major currencies overseas by the doubts over the potential for a rise in U.S. interest rates before the end of the year that have plagued it since August.

Finally, the rupee ended at 64.75, 1 paise weaker from its previous close of 64.74 on Friday. The currency touched a high and low of 64.88 and 64.69 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 64.72 and for Euro stood at 73.59 on October 12, 2015. While, the RBI’s reference rate for the Yen stood at 53.86 the reference rate for the Great Britain Pound (GBP) stood at 99.2962. The reference rates are based on 12 noon rates of a few select banks in Mumbai.  

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