Indian rupee, extending previous session’s gaining trajectory, appreciated against dollar on Wednesday, tailing jubilant gains of local equities, which ended near record high levels. The Indian currency shaved all its morning losses after a government panel recommended an immediate increase in state-subsidised diesel prices, reducing some of the concerns about the country's finances. However, month-end dollar demand from foreign banks in view of its strength in the overseas market limited the further appreciation of Indian currency. On the global front, dollar touched a one-week high against a basket of major currencies on Wednesday as investors further trimmed bearish positions ahead of the outcome of the Federal Reserve policy meeting.
Finally the rupee ended at 61.24, stronger by 7 paise from its previous close of 61.31 on Tuesday. The currency touched a high and low of 61.57 and 61.23 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 61.48 and for Euro it stood at 84.48 on October 30, 2013. While, the RBI’s reference rate for the Yen stood at 62.61, the reference rate for the Great Britain Pound (GBP) stood at 98.7052. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
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