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Indian Rs. Rebounded On Monday

June 25, 2012 - Indian currency becomes strong against the dollar for a third session on Monday as crossing the mark of 57, spiky gains in domestic stocks. It is a worst performance of Indian rupees this year, falling 6.35 percent in the May month. As Indian unit has stroked seventh record low of 53.98, it recovered 56.36 against the dollar according to the report of Reserve Bank of India. Though, few market analysts are yet ready to call for a continued bounce back given the constant uncertainties about the global economy and the sprawl in self-assurance on the vision of India. According to a dealer, such a progress would take out a large source of demand for the greenback from the market and ease anxiety on the weak rupee. The Indian rupee closed at 57.12 on Monday against the dollar. The Indian currency released higher against the American currency on Monday, rebounding from the record low of 57.32 hit in earlier session, after the government said it would expose steps to ensure the rupee’s go down. “The government will disclose measures on Monday to hold the fall of Indian currency, a day after the rupee strike a new record low next to the dollar”, Finance Minister Pranab Mukherjee said. According to Indian Stock Exchange, at 9.10 a.m., the rupee was at 56.73/74 similar to the dollar as its 57.12/13 Friday close. The rupee has faced two unexpected successive record lows last week as falling to as 57.32 to dollar on Friday.

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