Indian rupee erased all gains made earlier in the day and closed little changed against the US dollar on Tuesday as US-Iran tensions rise. Traders took a note of Former Vice Chairman of NITI Aayog, Arvind Panagariya’s statement that India's economy needs to grow at 8-10 per cent annually if good jobs have to be provided to those joining the workforce, emphasising that an export-led growth is very critical for creation of good jobs in the country. On the global front, U.S. dollar fell to a three-month low against the euro and dropped to its weakest against the Japanese yen since early January as the prospect of monetary easing by the Federal Reserve knocked demand for the U.S. currency.
Finally, the rupee ended at 69.36, 1 paise weaker from its previous close of 69.35 on Monday. The currency touched a high and low of 69.40 and 69.22 respectively. The reference rate for the dollar stood at 69.47 and for Euro stood at 79.11 on June 24, 2019. While the reference rate for the Yen stood at 64.68, the reference rate for the Great Britain Pound (GBP) stood at 88.68.
