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Rupee continues depreciating streak against dollar

17 Dec 2012 Evaluate

Indian rupee continues depreciating streak against US currency on Monday, amid increasing dollar demand from importers and state-run banks. Meanwhile, investors will now wait for Reserve Bank of India's monetary action on Tuesday where it is widely expected to leave key rates unchanged. However, dollar's losses versus most other Asian currencies restricted local unit’s losses. Moreover, foreign capital inflows into equity market also capped some losses in currency market.

The partially convertible currency is currently trading at 54.57, weaker by 9 paise from its previous close of 54.48 on Friday. The currency has touched a high and low of 54.58 and 54.43 respectively. The currency touched a high and low of 54.75 and 54.26 respectively. The Reserve Bank of India's (RBI) reference rate for the dollar stood at Rs 54.38 and for Euro it stood at Rs 71.29 on December 14, 2012. While, the RBI’s reference rate for the Yen stood at 64.86, the reference rate for the Great Britain Pound (GBP) stood at 87.7822. The reference rates are based on 12 noon rates of a few select banks in Mumbai.

Date

1US$

1GBP

December 14, 2012

54.38

87.7822

December 13, 2012

54.23

87.5304

(RBI-reference rate)

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