Run RhoMobile Apps With XCode Version 4.6.1

I started building Rhodes application on my mac book pro. I had followed every step for building the mobile application using Rhodes. I did configured the Rhodes using rhodes-setup command. On my machine I didn't installed android and blackberry sdk so I skipped those settings.
When I run my application by using following command:

rake run:iphone

I am getting following error;

xcodebuild: error: SDK "iphonesimulator5.0" cannot be located. 

I simply solved this issue by changing the configuration settings of Rhodes.
I found that the invalid SDK is pointed in BUILD.YML

I changed iphone simulator sdk in iphone section in build.yml like this

sdk: iphonesimulator6.1

After this my application could run on the iPhone simulator!