Indian rupee, registered its biggest single day gain since mid-May and its strongest level since June 13 on Wednesday on the back of heavy dollar sales by custodian banks along with some corporate dollar inflows. Additionally, record high levels of local equities after Finance Minister Arun Jaitley warned against 'economic populism,' which sparked hope for tough fiscal consolidation measures in the annual budget to be unveiled on July 10, also aided the sentiment. On the global front, dollar held above a two-month low against a basket of currencies on Wednesday, before the release of a survey of the U.S. labour market and a speech by Federal Reserve Chair Janet Yellen that is expected to be dovish
Finally, the rupee ended at 59.67, stronger by 40 paise from its previous close of 60.07 on Tuesday. The currency touched a high and low of 60.09 and 59.63 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 59.97 and for Euro stood at 82.02 on July 02, 2014. While, the RBI’s reference rate for the Yen stood at 59.05, the reference rate for the Great Britain Pound (GBP) stood at 102.8982. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
