Following a lower opening and subsequent retreat, Indian rupee finally ended marginally higher against the greenback on Thursday. The domestic currency was once strengthened to 58.77 in early trades, moving higher against dollar for the second consecutive day after central bank's latest measures to curb the exchange rate volatility. However, it gave up most of its gains against the dollar on back of demand for the US currency from state-owned banks, likely on behalf of oil companies to meet their month end demand. Weakness in local equity markets and dollar’s strength against other Asian currencies also pressurized the domestic unit.
Finally the rupee ended at 59.11, stronger by 8 paise from its previous close of 59.19 on Wednesday. The currency has touched a high and low of 59.37 and 58.75 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at Rs 58.94 and for Euro it stood at Rs 77.8668 on July 25, 2013. While, the RBI’s reference rate for the Yen stood at 59.01, the reference rate for the Great Britain Pound (GBP) stood at 90.4752. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
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