In line with equity market, the Indian rupee ended lower against US dollar on Wednesday, on account of sustained demand for dollar from banks and importers despite weakness in American currency overseas. Geopolitical worries mainly weighed on the sentiments with remarks by President Donald Trump adding to concerns about rising tensions between the US and North Korea. Investors paid no heed towards Niti Aayog Vice-Chairman Rajiv Kumar’s statement that the implementation of GST has brought down overall tax burden on the economy.
Finally, the rupee ended at 63.83, 20 paise weaker from its previous close of 63.63 on Tuesday. The currency touched a high and low of 63.84 and 63.71 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 63.74 and for Euro stood at 74.86 on August 09, 2017. While the RBI’s reference rate for the Yen stood at 57.94, the reference rate for the Great Britain Pound (GBP) stood at 82.92. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
