Indian rupee strengthened substantially on Tuesday ahead of the US Federal Reserve chairperson Janet Yellen’s testimony to the Congress and the presentation of the Union budget later this week. However, month-end dollar demand from state run banks and oil importers along with strength of dollar index limited further appreciation of Indian currency. On the global front, dollar was steady against the yen on Tuesday, with the market wary of taking too many bets on the currency ahead of congressional testimony by Federal Reserve Chair Janet Yellen.
Finally the rupee ended at 62.20, stronger by 11 paise from its previous close of 62.31 on Monday. The currency touched a high and low of 62.33 and 62.20 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 62.27 and for Euro stood at 70.60 on February 24, 2015. While, the RBI’s reference rate for the Yen stood at 52.24, the reference rate for the Great Britain Pound (GBP) stood at 96.2099. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
