Snapping three days winning streak, Indian rupee depreciated against dollar on Friday amid sustained foreign fund outflows. Sentiments remained dampened after the ECB said it would reduce its monthly asset purchases to EUR 60 billion from April, from the current level of EUR 80 billion. Also, dollar strengthened against other currencies overseas too weighed on the rupee sentiments. Meanwhile, Investors remained cautious ahead of key macro economic data - IIP due later in the day and CPI in the next week. Also, outcome of Federal Reserve's two-day policy meeting that will start next week. On the global front, dollar rose broadly on Friday as US bond yields rose, while the euro sank after the European Central Bank’s decision to extend its debt-buying programme, even as it cut the size of its purchases, disappointed currency bulls.
Finally, the rupee ended at 67.41, 6 paise weaker from its previous close of 67.35 on Thursday. The currency touched a high and low of 67.63 and 67.40 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 67.58 and for Euro stood at 71.76 on December 9, 2016. While the RBI’s reference rate for the Yen stood at 59.06, the reference rate for the Great Britain Pound (GBP) stood at 85.12.The reference rates are based on 12 noon rates of a few select banks in Mumbai.
