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Rupee trades flat ahead of U.S. monthly jobs data

06 Sep 2013 Evaluate

Following a positive opening, Indian rupee pared some gains and traded almost flat against dollar in the late morning session on Friday. After earlier sessions steep rally, local unit dissipated ahead of key U.S. monthly jobs data later in the day. Dollar demand from some banks and importers and volatile equity markets also pressurized the domestic unit to some extent. Meanwhile, dollar’s strength against other Asian currencies as U.S. non-farm payrolls are expected to have increased by 180,000 jobs last month, up from a gain of 162,000 in July, potentially paving the way for the Federal Reserve to start cutting back its bond purchases progamme later this month, also affected the currency sentiments.

The partially convertible currency is currently trading at 66.05, weaker by 0.5 paise from its previous close of 66.00 on Thursday. The currency has touched a high and low of 66.31 and 65.81 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 66.04 and for Euro it stood at 86.99 on September 05, 2013. While, the RBI’s reference rate for the Yen stood at 66.18, the reference rate for the Great Britain Pound (GBP) stood at 103.1063. The reference rates are based on 12 noon rates of a few select banks in Mumbai.

Date1US$1GBP

September 5, 2013

66.04 103.1063

September 4, 2013

67.02

104.3171
(RBI-Reference rate)

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