Indian rupee fell to an all time intraday low of 61.80 to the dollar on Tuesday, breaking through a previous low of 61.21 hit on July 8. Though, there was good bounce back in late trade that helped the domestic currency recover from its all time low level. The sudden drop in the domestic currency on dollar demand from importers led for some RBI intervention in the currency market and raised prospects for fresh measures to bolster the beleaguered currency. Meanwhile, Chief Economic Advisor to the government of India, Raghuram Rajan has been appointed the RBI governor for three years. On the global front, the dollar remained firmer against other Asia-Pacific currencies and strengthened a bit against Japanese yen after two days of fall.
Finally the rupee ended at 60.77, stronger by 11 paise from its previous close of 60.88 on Monday. The currency touched a high and low of 61.80 and 61.06 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at Rs 61.53/54 and for Euro it stood at Rs 81.57/58 on August 6, 2013. While, the RBI’s reference rate for the Yen stood at 62.49, the reference rate for the Great Britain Pound (GBP) stood at 92.3708. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
