Indian rupee, extending its gaining streak for the fourth straight day, was trading stronger against dollar on Monday tailing the recovery of local equity markets after five days of fall. Besides, gains of other Asian currencies, including that of Japanese yen, South Korean won, Malaysian ringgit, Thai baht and Philippines peso, also pumped some strength into local unit, which after getting a positive start, appreciated further. On the global front, dollar got off to a cautious start on Monday having staged a curious reversal late last week that saw it erase all the gains sparked by a strong payrolls report. Data on Friday showed US employers hired workers at the fastest clip in more than two years in April, pointing to a rebound in economic growth after a severe winter.
The partially convertible currency is currently trading at 60.08, stronger by 7 paise from its previous close of 60.15 on Friday. The currency touched a high and low of 60.11 and 60.00 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 60.22 and for Euro stood at 83.45 on May 02, 2014. While, the RBI’s reference rate for the Yen stood at 58.77, the reference rate for the Great Britain Pound (GBP) stood at 101.6839. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
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