Hi Ayush,
One way links from web pages with a high PR are the best to help your site. They suggest that someone thinks you are an expert. Two way links suggest that you guys just like each other but you aren't necessarily an expert. I would have to disagree with 'Jeremy Palmer' that to two cancel each other out however. They do still have some effect on your page rank, just not as much. Having 1 one-way link from a PR page of 6 is probably worth 100's of reciprocal links, but the 100's do add up.
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