Indian rupee got some solace on Tuesday, after breaching the 54 mark and coming within striking distance of its all-time low of 54.3 to the dollar. Rupee retreated on RBI’s intervention, which dealers averred as 'massive'. After being bogged down to 5 month low level on global risk aversion on exacerbating concerns over the political and economic stability of the European region that dampened investors’ appetite for riskier assets. Indian currency showcased substantial fervor to end considerably stronger from its previous close. On the global front, euro slipped to a four-month low against the dollar on Tuesday as political impasse in Greece raised worry that the country may renege on bailout pledges and exit the currency bloc.
Finally the rupee ended at 53.81, stronger by 12 paise from its previous close of 53.93 on Monday. It has touched a high and low of 54.12 and 53.55 respectively. The Reserve Bank of India's (RBI) reference rate for the dollar stood at Rs 53.84 and for Euro it stood at Rs 69.17 on May 15, 2012. While, the RBI's reference rate for the Yen stood at 67.41 the reference rate for the Great Britain Pound (GBP) stood at 86.7201. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
