Indian rupee ended marginally weaker against the American currency on Wednesday, due to fresh dollar demand from banks and importers amid foreign fund outflows. Investors remained concerned with rating agency ICRA’s latest report which has estimated that India’s gross value added (GVA) growth is likely to slow down to 6.3% in April-June quarter (Q1) of fiscal year 2017-18 from 7.6% in the same period of pervious year. However, dollar's weakness against other currencies overseas and strong domestic equity market restricted the rupee’s losses. On the global front, dollar edged down against the yen on Wednesday after US President Donald Trump raised the spectre of a government shutdown to fulfil a campaign pledge, but overall moves among major currencies were limited ahead of this week's Jackson Hole global central bankers' conference.
Finally, the rupee ended at 64.11, 1 paise weaker from its previous close of 64.10 on Tuesday. The currency touched a high and low of 64.14 and 64.05 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 64.12 and for Euro stood at 75.40 on August 23, 2017. While the RBI’s reference rate for the Yen stood at 58.58, the reference rate for the Great Britain Pound (GBP) stood at 82.23. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
