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Rupee reverses early gains! Depreciates to two-week low

rupees, dollar, early gain, down
Indian rupee, erasing early gains was trading weak near its two week low against dollar on Tuesday on fresh dollar demand from banks and oil importers. Sentiments took a hit after India’s exports continuing six consecutive months’ declining trend contracted 20.2% Year-0n-Year (Y-o-Y) in May. Weakness of local equities and strength of dollar ahead of the release of 2-day US Federal Open Market Committee (FOMC) meet also weighed on the sentiment. On the global front, dollar was holding firm as traders braced for the outcome of the U.S. Federal Reserve's two-day policy meeting that takes place amid the backdrop of a looming crisis in Greece

The rupee is currently trading at 64.20, weaker by 4 paise from its previous close of 64.16 on Monday. The currency touched a high and low of 64.24 and 64.06 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 64.15 and for Euro stood at 72.27 on June 16, 2015. While, the RBI’s reference rate for the Yen stood at 51.91, the reference rate for the Great Britain Pound (GBP) stood at 100.0363.

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