Reference rate for US dollar and euro

By Siddharthan Meganathan: Subscribe to Siddharthan's

October 1, 2010 11:54 AM GMT

The Reserve Bank of India (RBI) on Friday fixed the reference rate for euro at 60.96 rupees and the reference rate for the US dollar at 44.68 rupees.

The corresponding rates were 61.00 rupees per euro and 44.92 rupees per US dollar respectively as against to the previous date on September 29, 2010.

The exchange rates of pound and Japanese yen against to the Indian rupee is 70.2079 rupees per pound and 53.53 rupees per 100 yen, respectively.

The corresponding rates were 71.1421 rupees per pound and 53.70 rupees per 100 yen respectively as against to the previous date on September 29, 2010.

The reference rates are based on 12 noon rates of a few select banks in Mumbai and the special drawing rights-rupee rate rate will be based on this rate, a RBI press release showed on Friday.

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EUR/USD's decline extended further as expected as reached as low as 1.2496. The break of 1.2625 confirmed resumption of whole fall from 1.4939. Initial bias remains on the downside this week.

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