Indian rupee, after making a good start, depreciated substantially during the session and concluded tad weaker against dollar on Monday on risk off sentiment after data showing Japan slipping into recession sparked worries about global growth, which weighed on Indian currency and lifted the safe haven dollar to seven years high peak. Additionally, October trade deficit data, which showed that India’s export hit a seven-month low level at $26.09 billion from $28.90 billion last month, also added to pessimistic environment even as India's trade deficit in October narrowed at $13.36 billion from $14.25 billion in the previous month thanks to decline in oil import. However, losses of local unit were limited on account of record high close of local equities.
Finally the rupee ended at 61.74, little weak from its previous close of 61.72 on Friday. The currency touched a high and low of 61.78 and 61.63 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 61.67 and for Euro stood at 77.35 on November 17, 2014. While, the RBI’s reference rate for the Yen stood at 53.28, the reference rate for the Great Britain Pound (GBP) stood at 96.9393. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
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