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Rupee extends gains against dollar on reports of special window for OMCs

10 Jul 2013 Evaluate

The Indian rupee extended gains against greenback on Wednesday and ended well within psychological 60 mark, as RBI in its further measures, reportedly asked state-run oil companies to buy dollars from a single bank in order to reduce the volatility in currency market. Market regulators have taken several steps this week to stem the slide in the rupee, which has been making historic lows repeatedly. Dollar selling by banks and some exporters also supported domestic currency. However, weakness in local equity markets and dollar's strength against other overseas currencies capped further gains.

Finally the rupee ended at 59.69, stronger by 45 paise from its previous close of 60.14 on Tuesday. The currency touched a high and low of 60.21 and 59.65 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at Rs 60.13 and for Euro it stood at Rs 76.89 on July 10, 2013. While, the RBI’s reference rate for the Yen stood at 59.76, the reference rate for the Great Britain Pound (GBP) stood at 89.5200. The reference rates are based on 12 noon rates of a few select banks in Mumbai.

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