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Rupee extend gains for fourth straight session

11 Jan 2013 Evaluate

Indian rupee extended gains for the fourth consecutive session against dollar on the back of continued selling of the US currency by exporters and banks. Positive local equity markets supported local unit to an extent. Meanwhile, investor’s sentiments were improved on hopes of a rate cut by the Reserve Bank of India in its third quarter monetary policy review on January 29, which will infuse more liquidity into the banking system driving growth revival hopes for the Indian economy. Euro’s straightening against the dollar overseas, after European Central Bank chief made upbeat remarks about the Euro Zone’s economic outlook, also helped the domestic currency to hold gains. 

The partially convertible currency is currently trading at 54.51, stronger by 7 paise from its previous close of 54.58 on Thursday. The currency touched a high and low of 54.55 and 54.42 respectively. The Reserve Bank of India's (RBI) reference rate for the dollar stood at Rs 54.63 and for Euro it stood at Rs 71.32 on January 10, 2013. While, the RBI’s reference rate for the Yen stood at 61.99, the reference rate for the Great Britain Pound (GBP) stood at 87.5017. The reference rates are based on 12 noon rates of a few select banks in Mumbai.

Date

1US$

1GBP

January 10, 2013

54.6387.5017

January 9, 2013

54.96

88.2286

(RBI-reference rate)

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