Indian rupee, after making a strong start, gave away all its gains, ending flat on Tuesday on the back of losses in local equities for fifth straight session. However, the currency appreciated substantially during the session of account of sustained dollar selling activities by banks and exporters, however strength of dollar against the basket of other major currencies mainly weighed on the sentiment. On the global front, dollar edged higher versus a basket of currencies on Tuesday after a top U.S. Federal Reserve official said it should wait no more than a few months before considering an interest rate hike.
Finally, the rupee ended at 62.26, little changed from its previous close of 62.27 on Monday. The currency touched a high and low of 62.28 and 62.14 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 62.19 and for Euro stood at 68.03 on March 24, 2015. While, the RBI’s reference rate for the Yen stood at 51.99, the reference rate for the Great Britain Pound (GBP) stood at 92.9312. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
