Indian rupee snapping three day’s losing streak managed to close with slender gains on Thursday. Convalescence came to the beleaguered Indian currency tracing local equity markets, where barometer gauges closed off the day's low. However, the speculation of RBI intervention, when it meets for its mid-quarterly review on Friday, also provided the required impetus. Besides, this retracement of euro from 11 months low also gave some succor to rupee.
Finally the rupee ended at 53.67, stronger by 5 paise from its previous close of 53.72 on Wednesday. It has touched a high and a low of 54.30 and 53.63 respectively. The Reserve Bank of India's reference rate for the dollar stood at Rs 54.23 and for Euro it stood at 70.46 on December 15, 2011. While, the RBI's reference rate for the Yen stood at 69.49 and the reference rate for the Great Britain Pound (GBP) stood at 83.7667. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
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