Indian rupee depreciated against the US dollar on Friday, due to fresh demand for the American currency from banks and importers. Sentiments remained dampened after data showing India's Gross Domestic Product (GDP) growth slowed down to a three-year low of 5.7% during the first quarter (April-June) of the fiscal year 2017-18, as against 7.9% in the corresponding period a year ago and 6.1% in the preceding quarter. Moreover, the greenback rose against other currencies overseas on better-than-expected US growth data, too kept pressure on the local currency. However, a firm domestic equity market limited further depreciation of Indian currency. On the global front, dollar edged higher against yen on Friday, as investors remained cautious ahead of the key monthly US employment data.
Finally, the rupee ended at 64.03, 12 paise weaker from its previous close of 63.91 on Thursday. The currency touched a high and low of 64.05 and 63.87 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 63.98 and for Euro stood at 76.10 on September 01, 2017. While the RBI’s reference rate for the Yen stood at 58.10, the reference rate for the Great Britain Pound (GBP) stood at 82.66. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
