Continuing its rising streak for the second straight day, Indian rupee ended marginally higher against dollar on Thursday, due to sustained selling of the US currency by exporters and banks. Sentiments remained positive with the report that Fiscal deficit in fiscal 2017 was 3.5% of GDP, in line with the budget projection, reflecting the government's commitment to the process of fiscal consolidation. In fiscal 2016, the deficit was 3.9% of GDP. Besides, dollar’s weakness against some currencies overseas too supported the rupee. However, gains were muted with India losing the tag of the world’s fastest growing major economy to China with a gross domestic product growth of 6.1% in the three months through March from a year earlier, also slowing from a provisional 7% in the previous quarter. Growth for the year ending in March came in at 7.1%, in line with the official estimate. On the global front, sterling retreated against dollar on fears that Prime Minister Theresa May could lose control of parliament in Britain's June 8 election.
Finally, the rupee ended at 64.47, 4 paise stronger from its previous close of 64.51 on Wednesday. The currency touched a high and low of 64.55 and 64.42 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 64.47 and for Euro stood at 72.45 on June 01, 2017. While the RBI’s reference rate for the Yen stood at 58.07, the reference rate for the Great Britain Pound (GBP) stood at 82.87. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
