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Rupee snaps three day losing streak; ends stronger against dollar

10 Nov 2015 Evaluate

Snapping its three day losing streak, Indian rupee bounced back against dollar on Tuesday on fresh selling of the American currency by exporters, amidst gains in Asian currencies. Sentiment got boost after the Paris-based think tank OECD, despite cutting the global growth forecast has said that with “relatively robust” growth prospects, the Indian economy is expected to expand by 7.2 percent this fiscal. However weak trade in the local equity market capped some gains. On the global front, dollar was at seven-month peak against a basket of major currencies on Tuesday, boosted by widening rate differentials in favour of U.S. Treasuries on expectations the Federal Reserve will raise interest rates next month.

Finally, the rupee ended at 66.31, 13 paise stronger from its previous close of 66.44 on Monday. The currency touched a high and low of 66.47 and 66.30 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 66.34 and for Euro stood at 71.29 on November 10, 2015. While, the RBI’s reference rate for the Yen stood at 53.80 the reference rate for the Great Britain Pound (GBP) stood at 100.2806. The reference rates are based on 12 noon rates of a few select banks in Mumbai

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