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Rupee depreciates against dollar

16 Nov 2012 Evaluate

Indian rupee depreciated against dollar in the late morning trade amid increased demand for the American currency from importers. Other Asian currencies weakness against the dollar in overseas markets also pressurized local unit. Volatility in local equity markets also adding some pressure on the domestic currency. Meanwhile, euro zone economy shrank for a second consecutive quarter, according to official data released on Thursday.

The partially convertible currency is currently trading at 54.99, weaker by 29 paise from its previous close of 54.70 on Thursday. The currency touched a high and low of 55.02 and 54.87 respectively. The Reserve Bank of India's (RBI) reference rate for the dollar stood at Rs 54.95 and for Euro it stood at Rs 70.03 on November 15, 2012. While, the RBI’s reference rate for the Yen stood at 68.03 the reference rate for the Great Britain Pound (GBP) stood at 87.1045. The reference rates are based on 12 noon rates of a few select banks in Mumbai.

Date1US$1GBP

November 15, 2012

54.9587.1045

November 12, 2012

54.9387.3835
(RBI-reference rate)

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