Indian rupee after making a flat start, concluded lackluster on Tuesday on account of incremental month-end and quarter-end dollar demand from oil importers in view of its strength overseas. Besides, losses of local equities in holiday truncated Christmas week also weighed on the sentiment. The Indian currency, during the session lost substantial ground, but recouped most of its losses possibly on account of RBI’s intervention, which apparently sold dollars in the spot market to limit the slide of local unit. On the global front, dollar touched a fresh two-week high against the yen on Tuesday, but struggled to make further headway in a market subdued by a holiday in Japan.
Finally the rupee ended at 63.29, weaker by 4 paise from its previous close of 63.25 on Monday. The currency touched a high and low of 63.50 and 63.24 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 63.44 and for Euro stood at 77.62 on December 23, 2014. While, the RBI’s reference rate for the Yen stood at 52.82, the reference rate for the Great Britain Pound (GBP) stood at 98.8829. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
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