Indian rupee ended marginally weaker against dollar on Friday, due to demand for greenback by banks and importers. Sentiments remained dampened with Reserve Bank of India’s (RBI) latest survey stating that the Indian economy will gradually consolidate growth in the financial year 2017-18. It also reported that real gross domestic product (GDP) and real gross value added (GVA) are expected to increase by 7.4 percent and 7.2 percent, respectively, in the current fiscal and consolidate further by 40 basis points (bps) and 50 bps, respectively in the next fiscal. Besides, investors remained cautious ahead of key economic data -industrial production (IIP) and consumer price index (CPI) scheduled to be released on Monday. On the global front, pound took a battering on Friday after Prime Minister Theresa May's Conservative Party lost its parliamentary majority in elections, potentially disrupting Brexit negotiations.
Finally, the rupee ended at 64.25, 4 paise weaker from its previous close of 64.21 on Thursday. The currency touched a high and low of 64.33 and 64.17 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 64.25 and for Euro stood at 71.98 on June 09, 2017. While the RBI’s reference rate for the Yen stood at 58.31, the reference rate for the Great Britain Pound (GBP) stood at 81.74. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
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