Indian rupee ended marginally weaker against the American currency on Thursday, due to fresh dollar demand from banks and importers amid foreign fund outflows. Investors failed to get solace with Arun Jaitley’s statement that India's economic slowdown has bottomed out and now it should start moving upwards after recovering from the temporary blip seen during the recent structural changes. Besides, strength in the US dollar against some other currencies overseas too weighed on the rupee sentiment. Though, splendid gains of local equities limited further depreciation of Indian currency. On the global front, dollar trimmed losses against a basket of major currencies after data showed a surprise rise in retail sales last month as well as an uptick in underlying inflation, raising expectations for an interest rate hike in December.
Finally, the rupee ended at 65.31, 9 paise weaker from its previous close of 65.22 on Wednesday. The currency touched a high and low of 65.39 and 65.13 respectively. The Reserve Bank of India's (RBI) reference rate for the dollar stood at 65.29 and for Euro stood at 76.99 on November 16, 2017. While the RBI's reference rate for the Yen stood at 57.81, the reference rate for the Great Britain Pound (GBP) stood at 86.04. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
