Indian rupee ended substantially weak against dollar on Thursday due to fresh demand for American currency from importers. The currency was weak from the start and was also weighed by the weak trade in the equity market. The investors failed to get relief from the long-awaited proposals to overhaul an outdated and overburdened bankruptcy process. A government-appointed panel has suggested a modern bankruptcy law to deal with insolvency cases within 180 days that may arise on account of business failures or economic downturns, with a view to promoting ease of doing business and spur economic activities. The sentiment came under pressure after the US Fed chair Janet Yellen said the Fed rate hike in December is now a 'live possibility'. On the global front, dollar edged down ahead of U.S. employment data on Friday , pulling away from a three-month high against a basket of major currencies which touched after Federal Reserve officials said a December 'lift-off' in U.S. rates is possible.
Finally, the rupee ended at 65.74, 25 paise weaker from its previous close of 65.49 on Wednesday. The currency touched a high and low of 65.77 and 65.60 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 65.67 and for Euro stood at 71.34 on November 05, 2015. While, the RBI’s reference rate for the Yen stood at 54.05 the reference rate for the Great Britain Pound (GBP) stood at 101.0221. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
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