Indian rupee recovering from its initial fall strengthened on Tuesday, despite sharp cuts in the equity market. Earlier the domestic currency breached the 62-mark amid appreciating dollar against other currencies overseas. However, the slide halted with reported RBI intervention in the market and the importers that were seen buying dollar in last session to meet their month end demand, too were not yet rushing in to buy the greenback. In the global markets yen rebounded versus the dollar amid signs its decline to a seven-year low was overstretched.
Finally the rupee ended at 61.87, stronger by 7 paise from its previous close of 61.94 on Monday. The currency touched a high and low of 62.04 and 61.84 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 61.91 and for Euro stood 76.92 on November 25, 2014. While, the RBI’s reference rate for the Yen stood at 52.52, the reference rate for the Great Britain Pound (GBP) stood at 97.1207. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
