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Indian rupee, after treading water in early deals, gained some ground in later part of session and ended strong on Tuesday, tailing hefty gains of local equities which rallied over 1.25% and also on increased dollar selling by corporate. Notably, these gains came ahead of July CPI, June IIP data. June Index of Industrial Production (IIP) is expected to come around 5.8% with expectation of an upside toward 6%, while July CPI is expected to see an uptick to 7.6% for July as compared to the 29 month low in June which was 7.31%. On the global front, euro fell towards 9-month lows against the dollar on Tuesday, hurt by German ZEW survey, which showed both the current situation index and the expectations index deteriorated sharply, as Europe's largest economy was hit by uncertainty caused by the Ukraine crisis.
Finally the rupee ended at 61.08, stronger by 10 paise from its previous close of 61.18 on Monday. The rupees touched a high and low respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 61.18 and for Euro stood at 81.77 on August 12, 2014. While, the RBI’s reference rate for the Yen stood at 59.81, the reference rate for the Great Britain Pound (GBP) stood at 102.5578. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
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