Indian rupee after witnessing biggest single-day fall in nearly three weeks in previous trading session, strengthened on Tuesday on dollar sales by foreign banks in anticipation of reforms measures and a road map to check fiscal deficit in Thursday’s Union budget. However, further appreciation of Indian currency was capped on account of strength in dollar index against other Asian currencies and negative local equity markets, which recorded biggest percentage fall since September, 2013. On the global front, dollar held steady versus a basket of major currencies on Tuesday, having retreated from the previous day's near-two-week high, giving the euro a chance to get over an unexpected slump in German industrial output.
Finally, the rupee ended at 59.80, stronger by 21 paise from its previous close of 60.01 on Monday. The currency touched a high and low of 59.99 and 59.68 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 59.79 and for Euro stood at 81.32 on July 08, 2014. While, the RBI’s reference rate for the Yen stood at 58.73, the reference rate for the Great Britain Pound (GBP) stood at 102.4200. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
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