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Rupee trades weak on dollar’s strength overseas

23 Jan 2014 Evaluate

Indian rupee, after opening on weak note, is still struggling around those levels on Thursday, on the back of weakness of local equities. Additionally, losses of other major currencies against dollar, is also weighing on the sentiment. Besides, strong dollar demand from banks and oil importers added to the pessimistic milieu. On the global front, dollar gained against most major peers before data forecast to show the number of Americans continuing to apply for jobless benefits fell and existing home sales increased, encouraging the Federal Reserve to scale back its stimulus program

The partially convertible currency is currently trading at 61.98, weaker by 15 paise from its previous close of 61.83 on Wednesday. The currency touched a high and low of 62.04 and 61.90 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 61.92 and for Euro stood at 83.92 on January 22, 2014. While, the RBI’s reference rate for the Yen stood at 59.30, the reference rate for the Great Britain Pound (GBP) stood at 101.9760. The reference rates are based on 12 noon rates of a few select banks in Mumbai.

Date1US$1GBP
January 22, 201461.92 101.9760
January 21, 201461.53101.0844
(RBI-reference rate)

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