Indian rupee, protracted its winning streak for third straight session, to conclude higher on Friday on sustained dollar selling by exporters on hopes of further fall in value of the American currency, given the prevailing risk sentiments in global markets. Massive gains of local equities due to tepid yet inline estimates GDP numbers, also bolstered the sentiment of Indian currency. Alarming the urgency for implementation of politically difficult reforms to spur a revival in Asia's third- largest economy, India's gross domestic product (GDP) growth further slowed down to 5.3% in the second quarter (June-September) of 2012-13 compared with three year’s low figure of 5.5 per cent in the first quarter. On the global front, euro hit a seven-month high against the yen and a five-week peak versus the dollar on Friday, bolstered by the approval of the latest Greek bailout deal by German lawmakers and month-end buying from Japanese importers.
Finally the rupee ended at 54.28, stronger by 57 paise from its previous close of 54.85 on Thursday. The currency touched a high and low of 54.70 and 54.27 respectively. The Reserve Bank of India's (RBI) reference rate for the dollar stood at Rs 54.52 and for Euro it stood at Rs 70.88 on November 30, 2012. While, the RBI’s reference rate for the Yen stood at 66.17 the reference rate for the Great Britain Pound (GBP) stood at 87.4823. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
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