Indian rupee, protracting previous two sessions’ losing streak, concluded near a month low level on Monday, due to bouts of demand for the US currency from banks and oil importers. Further even disappointing close of local equity markets weighted on the sentiment of Indian currency. Both local stocks and euro weakened as last week's Federal Reserve minutes continued to cast doubt over future US monetary stimulus, thereby sapping the risk appetite among investors. However, the losses of the Indian currency were restricted after dollar fell against the yen on profit-taking after its swift rise to a 2-1/2 year high last week, a rally driven by expectations of aggressive monetary easing by the Bank of Japan.
Finally the rupee ended at 55.23, weaker by 17 paise from its previous close of 55.06 on Friday. The currency touched a high and low of 55.31 and 54.90 respectively. The Reserve Bank of India's (RBI) reference rate for the dollar stood at Rs 54.97 and for euro it stood at Rs 71.66 on January 7, 2013. While, the RBI’s reference rate for the Yen stood at 62.67, the reference rate for the Great Britain Pound (GBP) stood at 88.1077. The reference rates are based on 12 noon rates of .a few select banks in Mumbai.
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