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Meanwhile, country's forex kitty rose by USD 889.4

million to USD 369.887 billion in the week ended April 14, helped by increase in foreign currency assets, Reserve Bank said.

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million to USD 369.887 billion in the week ended April 14, helped by increase in foreign currency assets, Reserve Bank said.

They had declined by USD 956.4 million to USD 368.998 billion in the previous reporting week.

The RBI fixed the reference rate for the USD at Rs 64.5701 and Euro at Rs 69.1675 against preceding week's level of Rs 64.3165 and Rs 68.6193, respectively.

In cross-currency trade, the Indian currency took a knock against the British Pound for the second week and ended sharply lower at 82.55 from last weekend level of 80.71 per pound and plummented against the euro to finish at 69.16 as compared to 68.47.

The local unit also weakened further against the Japanese Yen to settle at 59.23 per 100 yens compared to 59.02 earlier.

In the forward market, premium for dollar fell further due to sustained receivings from exporters.

The benchmark six-month forward dollar premium payable in September dropped to 144-146 paise from 150-152 paise and the far-forward contract maturing in March 2018 also moved down to 303.5-305.5 paise from 308-310 paise last Friday.

In global commodity trade, crude prices collapsed more than 2 percent on Friday, marking the biggest weekly drop in a month on renewed concerns that increasing U.S. production and high inventories will thwart OPEC's attempts to reduce the global crude glut.

U.S. crude dips below USD 50 a barrel for first time since April 4.

 

(This article has not been edited by DNA's editorial team and is auto-generated from an agency feed.)

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