Indian rupee after posting their biggest single day gain in a week in last session, have strengthened further on Friday with a strong start. The domestic currency has been in a euphoric mood since a report said that finance ministry was working on a proposal to cut fiscal deficit. Rupee was also getting support from the strength in other Asian currencies and firmed up. Though there were reports that there has been intermittent Reserve Bank of India intervention through state-run banks that may cap the gains in the rupee. In the global markets, while the Japanese yen slipped to near one week low, the euro was set for a three-week decline ahead of a German business confidence data.
The partially convertible currency is currently trading at 58.41, stronger by 6 paise from its previous close of 58.47 on Thursday. The currency touched a high and low of 58.45 and 58.37 respectively.The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 58.57 and for Euro stood at 80.05 on May 22, 2014. While, the RBI’s reference rate for the Yen stood at 57.62, the reference rate for the Great Britain Pound (GBP) stood at 98.8788. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
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