Indian rupee, leading gains among emerging Asian currencies, appreciated for yet another session, tailing record high level of local equity markets as exit polls suggested victory of pro-reform and business-friendly opposition party in elections. However, Indian currency gave up some of its gains on speculated RBI’s intervention to curb strength in the second-best performing emerging Asian currency so far this year. On the global front, euro stabilised near one-month lows against the dollar on Tuesday, although it remains under pressure as investors expect the European Central Bank to try to limit its longer-term strength in a bid to boost the euro-zone economy.

Finally the rupee ended at 59.70, stronger by 35 paise from its previous close of 60.05 on Monday. The currency touched a high and low of 59.92 and 59.59 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 59.87 and for Euro stood at 82.40 on May 13, 2014. While, the RBI’s reference rate for the Yen stood at 58.55, the reference rate for the Great Britain Pound (GBP) stood at 100.9831. The reference rates are based on 12 noon rates of a few select banks in Mumbai.