Indian rupee, recovering from the perilous ‘61/$’ level and snapping two consecutive sessions of fall, ended strong on Tuesday tailing smart recovery of local equity markets, while RBI’s intervention also aided rupee’s gains. RBI, in a bid to check rupee’s fall was spotted selling dollar via state run banks. Further, RBI governor’s assurance of country being prepared to deal with external shocks also bolstered sentiments. Earlier in the day, RBI Governor Raghuram Rajan said the country is watching the Iraq situation, but despite the uncertainty the domestic economy is better prepared to deal with any shocks on the external front. On the global front, dollar fluttered in a narrow range on Tuesday, caged by caution ahead of this week's U.S. Federal Reserve meeting and concern about the developing crisis in Iraq.
Finally, the rupee ended at 60.04, stronger by 12 paise from its previous close of 60.16 on Monday. The currency has touched a high and low of 60.51 and 59. 95 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 60.36 and for Euro stood at 81.86 on June 17, 2014. While, the RBI’s reference rate for the Yen stood at 59.21, the reference rate for the Great Britain Pound (GBP) stood at 102.4807. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
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