Indian rupee recovering from the early losses ended slightly higher against the American currency on Wednesday on the back of dollar sales by exporters and bank. Sentiments got some support with the private report that economic activity in the country lost some pace amid GST related disruptions but underlying growth momentum remains strong and the country may clock 6.7 percent growth this fiscal. The rupee sentiment was also aided by dollar’s weakness against other currencies. Though, the rupee’s gains were restricted as the domestic equities remained weak. On the global front, dollar slipped against yen on Wednesday, pushing back towards last week’s 4-1/2-month low on worries over North Korea’s nuclear ambitions and on comments from a Federal Reserve official about subdued US inflation.
Finally, the rupee ended at 64.10, 3 paise stronger from its previous close of 64.13 on Tuesday. The currency touched a high and low of 64.26 and 64.10 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 64.21 and for Euro stood at 76.54 on September 06, 2017. While the RBI’s reference rate for the Yen stood at 59.04, the reference rate for the Great Britain Pound (GBP) stood at 83.63. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
