Indian rupee ended 11-week low against US dollar on Thursday, following continued dollar demand from banks and importers coupled with heavy capital outflows. Traders failed to get relief from Finance minister Arun Jaitley’s statement that the government would soon announce measures to revive economic growth that has decelerated to the slowest pace in three years. Moreover, a firming dollar overseas coupled with lackluster trade in the equity markets for the third consecutive session, too weighed heavily on forex sentiment. On the global front, dollar rose to a two-month high against yen and extended its gains against the euro on Thursday after a hawkish-sounding Federal Reserve heightened expectations for an interest rate hike in December.
Finally, the rupee ended at 64.80, 53 paise weaker from its previous close of 64.27 on Wednesday. The currency touched a high and low of 64.84 and 64.44 respectively. The Reserve Bank of India's (RBI) reference rate for the dollar stood at 64.52 and for Euro stood at 76.74 on September 21, 2017. While the RBI's reference rate for the Yen stood at 57.30, the reference rate for the Great Britain Pound (GBP) stood at 87.15. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
