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Rupee ends marginally weaker against US dollar

17 Mar 2017 Evaluate

Snapping four-day winning streak, Indian rupee ended marginally weaker against dollar on Friday, on fresh demand for the American currency from importers. Local currency was unable to get any support with HDFC Chairman Deepak Parekh’s statement the GST regime can push up the country's growth by as much as 150-200 basis points (bps). India's GDP for the third quarter ended in December 2016 recorded a growth of 7%. The estimate of GDP growth for the full fiscal 2016-17 is 7.1%. Besides, dollar’s strength against some other currencies overseas weighed, but a firm domestic equity market cushioned the impact. On the global front, dollar hit five-week lows against its peers on Friday, in the wake of the Federal Reserve's cautious message this week on the outlook for interest rate hikes and on concerns over a protectionist slant to a G20 meeting this weekend.

Finally, the rupee ended at 65.47, 6 paise weaker from its previous close of 65.41 on Thursday. The currency touched a high and low of 65.65 and 65.45 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 65.54 and for Euro stood at 70.60 on March 17, 2017. While the RBI’s reference rate for the Yen stood at 57.84, the reference rate for the Great Britain Pound (GBP) stood at 80.99.The reference rates are based on 12 noon rates of a few select banks in Mumbai.

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