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Rupee ends lower on fresh dollar demand from importers

21 Oct 2013 Evaluate

Indian rupee made a weak ending on Monday, depreciating in the wake of fresh dollar demand from the importers and banks amid volatility in equity markets. It even ignored the RBI’s statement that it has no immediate plan to close the dollar-swap window for oil companies and it will be done in a calibrated manner. The domestic currency made a weak start and despite slight recovery during the mid of the trade on some dollar selling by the custodian banks, once again lost its traction and turned lower by the end. In the global market the dollar rose against the yen and the Swiss franc on Monday as traders positioned for a strong US jobs data reading on Tuesday.

Finally the rupee ended at 61.52/53, weaker by 25 paise from its previous close of 61.27 on Friday. The currency touched a high and low of 61.58 and 61.33 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 61.4885 and for Euro it stood at 84.12 on October 21, 2013. While, the RBI’s reference rate for the Yen stood at 62.66, the reference rate for the Great Britain Pound (GBP) stood at 99.4085. The reference rates are based on 12 noon rates of a few select banks in Mumbai.

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