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Rupee ends strong on Monday

06 Jun 2011 Evaluate

Indian rupee strengthened on Monday in line with other Asian currencies tracking euro’s gains. Meanwhile, dollar selling by a large software services exporter also supported the sentiment; however, some sluggishness in local shares cut short gains of the local currency. On the global front, the euro dipped versus the dollar on Monday as a German official cast doubt over fresh aid for Greece, but it stayed near a one-month high as focus switched to rate differentials ahead of this week’s ECB policy decision.

Finally the Rupee ended at 44.76/77, stronger by 5 paise from its previous close of 44.81 on Friday. It touched a high and low of 44.77 and 44.69/70 respectively. The Reserve Bank of India's reference rate for the US dollar stood at 44.72 and for Euro it stood at 65.47 on June 6, 2011. While, the RBI's reference rate for the Yen stood at 55.67 and the reference rate for the Great Britain Pound (GBP) stood at 73.4638. The reference rates are based on 12 noon rates of a few select banks in Mumbai.

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