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Rupee ends substantially strong on the last day of 2015

31 Dec 2015 Evaluate

Indian rupee appreciated against dollar on Thursday on account of  dollar selling by banks and exporters. Sentiment remained up beat after Qatar agreed to lower gas prices for India. Additionally, smart rally in the local equity markets also added to the positive milieu of Indian currency. Investors overlooked Finance Minister Arun Jaitley’s statement that the subdued global economy and moderate private sector investment will continue to pose challenge in the next year. On the global front, euro declined on Thursday, as European shares declined, tracking weakness in Chinese market, ahead of the New Year break.

Finally, the rupee ended at 66.14, 25 paise stronger against its previous close of 66.39 on Wednesday. The currency touched a high and low of 66.45 and 66.09 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 66.32 and for Euro stood at 72.50 on December 31, 2015. While, the RBI’s reference rate for the Yen stood at 55.09 the reference rate for the Great Britain Pound (GBP) stood at 98.3482. The reference rates are based on 12 noon rates of a few select banks in Mumbai.

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