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Rupee recovers against dollar on resumption of Parliament

29 Nov 2012 Evaluate

Following modest recovery, Indian rupee extended gains against dollar in the late morning session, as risk appetite improved on global and local front both due to resumption of the Parliament session after the four days of adjournment. Strong domestic equity markets and dollar selling by banks supported local unit to a great extent. Meanwhile, strengthening of euro against the dollar overseas, this also helped rupee to hold early gains.

The partially convertible currency is currently trading at 55.29, stronger by 16 paise from its previous close of 55.45 on Tuesday. The currency touched a high and low of 55.60 and 55.27 respectively. The Reserve Bank of India's (RBI) reference rate for the dollar stood at Rs 55.70 and for Euro it stood at Rs 72.35 on November 27, 2012. While, the RBI’s reference rate for the Yen stood at 67.72 the reference rate for the Great Britain Pound (GBP) stood at 89.3444. The reference rates are based on 12 noon rates of a few select banks in Mumbai.

Date1US$1GBP

November 27, 2012

55.7089.3444

November 26, 2012

55.6989.1963
(RBI-reference rate)

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