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Rupee ends substantially weak against dollar on Thursday

26 Nov 2015 Evaluate

Indian rupee ended substantially weaker to a two-month low against dollar on Thursday on demand for American Currency from banks and importers amid losses in Asian currency markets and dollar’s appreciation overseas. Besides, the smart rally in the local equity market didn’t support the rupee. Investors even failed to get relief from Prime Minister Narendra Modi assurance that he would “carefully hold” their hands and expressed hope that the GST regime would be rolled out in 2016. On the global front, dollar hovered at eight-month highs against the other major currencies on Thursday as trading was expected to remain quiet with U.S. markets closed for the Thanksgiving holiday.

Finally, the rupee ended at 66.57, 25 paise weaker from its previous close of 66.32 on Tuesday. The currency touched a high and low of 66.67 and 66.35 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 66.55 and for Euro stood at 70.69 on November 26, 2015. While, the RBI’s reference rate for the Yen stood at 54.30 the reference rate for the Great Britain Pound (GBP) stood at 100.6446. The reference rates are based on 12 noon rates of a few select banks in Mumbai.

 

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