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Rupee rose against dollar ahead of crucial vote on FDI in retail

05 Dec 2012 Evaluate

Tracking positive local equity markets, Indian rupee appreciated against dollar on Wednesday amid continued selling of the US currency by exporters and banks. Strengthening of euro, which hovered at seven-week high against the American currency overseas, supported the local unit to an extent. Meanwhile, investors were broadly positive ahead of the crucial vote on foreign direct investment (FDI) in multi-brand retail in Parliament due later in the day, which will have major impact on the domestic currency.

The partially convertible currency is currently trading at 54.55, stronger by 13 paise from its previous close of 54.68 on Tuesday. The currency touched a high and low of 54.64 and 54.47 respectively. The Reserve Bank of India's (RBI) reference rate for the dollar stood at Rs 54.94 and for Euro it stood at Rs 71.71 on December 04, 2012. While, the RBI’s reference rate for the Yen stood at 66.94 the reference rate for the Great Britain Pound (GBP) stood at 88.4212. The reference rates are based on 12 noon rates of a few select banks in Mumbai.

Date1US$1GBP

December 4, 2012

54.9488.4212

December 3, 2012

54.5687.4558
(RBI-reference rate)

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