Indian rupee after recovering in early deals gave up all its gains on Tuesday. The initial gains in domestic currency were prompted by selling of the American currency by exporters and banks and dollar's weakness against other currencies overseas. Also the good going in the equity markets after the CSO in its advanced GDP estimates said Indian economy is poised to grow by 7.4 percent in the current year, bettering 6.9% recorded last year, helped the rupee to strengthen. However, the currency lost its way on fresh demand for the American currency from importers and forex outflows due to selling by foreign institutional investors. In global markets dollar drifted up against euro on worries over Greece's future in the euro.
Finally the rupee ended at 62.20, weaker by 3 paise from its previous close of 62.17 on Monday. The currency touched a high and low of 62.20 and 61.91 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 61.96 and for Euro stood at 70.20 on February 10, 2015. While, the RBI’s reference rate for the Yen stood at 52.25, the reference rate for the Great Britain Pound (GBP) stood at 94.4136. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
