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Rupee gains 29 piase to hit 5-week high of 61.75

By Hemant Verma On Thursday, December 5, 2013 , , 0 comments




The rupee rose to a five-week high against the dollar as the foreign exchange markets moved in line with sentiment in the equity markets after exit polls forecast a strong performance by the BJP.

The domestic currency touched a high of 61.52 against the dollar before closing at 61.75, up 29 paise from its previous close of 62.06 against the dollar.

What is also boosting the rupee is the $34 billion mobilized by RBI by swapping dollars raised by banks through non-resident deposits and ECBs. The dollar mop-up by RBI is expected to increase the foreign exchange reserves by $18-19 billion, according to Yes Bank.

About Hemant Verma

Adds a short author bio after every single post on your blog. Also, It's mainly a matter of keeping lists of possible information, and then figuring out what is relevant to a particular editor's needs.

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