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Rupee ends little change against dollar on Wednesday

02 Nov 2016 Evaluate

Indian rupee recouped its intraday losses to close little changed against US dollar, after a volatile trading session, on dollar selling by some banks and importers. Losses in the domestic equity market and cautiousness ahead of US Federal Reserve’s latest monetary policy decision, also weighed on rupee sentiments. However, domestic currency got some support with ASSOCHAM’s report that Indian economy is expected to fare better in the second half of the current fiscal backed by uptick in sales and improved capacity utilization, though fresh investments and new jobs creation may be a concern going forward. On the global front, US dollar slumped against its major rivals as the US presidential election increasingly looked too close to call, jangling investors’ nerves and fuelling demand for perceived havens such as the Japanese yen.

Finally, the rupee ended at 66.72, 1 paise weaker from its previous close of 66.71 on Tuesday. The currency touched a high and low of 66.86 and 66.71 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 66.82 and for Euro stood at 73.95 on November 02, 2016. While the RBI’s reference rate for the Yen stood at 64.37, the reference rate for the Great Britain Pound (GBP) stood at 81.88.The reference rates are based on 12 noon rates of a few select banks in Mumbai.

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