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Rupee depreciates against dollar

26 Dec 2012 Evaluate

Indian rupee depreciated against dollar in the late morning trade on Wednesday on the back of month and year end demand for the American currency. Strengthening of the American currency against other overseas currencies also pressurized local unit to an extent. However, positive local equity market limited the domestic currencies’ losses. Meanwhile, oil prices were increased in Asian trade today as traders were worried over outcome of US budget talks on a deal to avert the fiscal cliff, which also weighted on currency markets.

The partially convertible currency is currently trading at 55.04, weaker by 8 paise from its previous close of 54.96 on Monday. The currency has touched a high and low of 55.09 and 54.95 respectively. The Reserve Bank of India's (RBI) reference rate for the dollar stood at Rs 55.08 and for Euro it stood at Rs 72.61 on December 24, 2012. While, the RBI’s reference rate for the Yen stood at 65.29, the reference rate for the Great Britain Pound (GBP) stood at 89.0958. The reference rates are based on 12 noon rates of a few select banks in Mumbai.

Date

1US$

1GBP

December 24, 2012

54.08

89.0958

December 21, 2012

54.08

89.5368

(RBI-reference rate)

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