Indian rupee made a decent recovery from the lows of the day to end stronger against the dollar for second straight session. The domestic currency bounced back after declining in early trade taking cues from the gains in equities which turned to near their three years high before giving up their gains in late trade. There was encouragement of foreign funds buying in Indian equities that helped the rupee to strengthen. Local currency also got a boost with FIPB nod to Singapore Airlines’ proposal to start an aviation venture with Tata Sons entailing an initial foreign investment of $ 49 million. In the global markets, the dollar slid to a two-year low against the euro as concern that US growth was hampered by a government shutdown.
Finally the rupee ended at 61.4700, stronger by 12 paise from its previous close of 61.59 on Wednesday. The currency touched a high and low of 61.70 and 61.35 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 61.41 and for Euro it stood at 84.81 on October 24, 2013. While, the RBI’s reference rate for the Yen stood at 62.99, the reference rate for the Great Britain Pound (GBP) stood at 99.5280. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
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