Indian rupee ended marginally weaker against the US dollar on Thursday on account of buying of American currency by banks and importers amid stronger-than-expected US private-sector jobs figures in February sealed expectations that the Federal Reserve will raise interest rates next week. Traders also remained cautious ahead of the exit polls data for assembly elections in five states that is set to release later in the day. Sentiment remained subdued with the ICRA’s report that India's current account deficit is expected to see a 50 per cent rise to $30 billion in 2017-18 from $20 billion in the current financial year on higher oil and gold imports. Also, a weak domestic equity market affected the rupee sentiment. On the global front, dollar hit a three-week high against the yen on Thursday, on course for a fourth straight day of broader gains after a strong ADP job number in the previous session broke 10-year US government bond yields out of a long-held range.
Finally, the rupee ended at 66.71, 1 paise weaker from its previous close of 66.70 on Wednesday. The currency touched a high and low of 66.86 and 66.70 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 66.77 and for Euro stood at 70.32 on March 9, 2017. While the RBI’s reference rate for the Yen stood at 58.33, the reference rate for the Great Britain Pound (GBP) stood at 81.16.The reference rates are based on 12 noon rates of a few select banks in Mumbai.
