Indian rupee ended a little changed on Wednesday as gains on account of strong dollar sales were offset by decline of local equities for second consecutive session. Foreign banks sold dollars on hopes of fiscally prudent budget, which were reinforced after the government issued an economic survey report calling the fiscal situation worse than it appears and hinted at tough measures like shoring up public finances and reducing inflation. Nevertheless, the Indian currency erased all its early losses and ended tad stronger a day ahead of budget thanks to euro's strength. On the global front, euro was steady against the dollar on Wednesday, with traders looking to a speech by European Central Bank chief Mario Draghi and minutes of the U.S. Federal Reserve's latest meeting for direction later in the day.
Finally the rupee ended at 59.76, stronger by 4 paise from its previous close of 59.80 on Tuesday. The currency touched a high and low of 59.93 and 59.67 respectively. The currency has touched a high and low of 59.93 and 59.75 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 59.72 and for Euro stood at 81.38 on July 09, 2014. While, the RBI’s reference rate for the Yen stood at 58.79, the reference rate for the Great Britain Pound (GBP) stood at 102.3584. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
