Reversing early gains, Indian rupee concluded marginally weaker against US dollar on Wednesday, on account of buying of American currency by banks and importers. Report that S&P said India’s activity indicator looks lackluster indicating they might not barge on the BBB- rating on India any time soon, too affected the rupee. However, downside remained capped as some support came with ICRA’s report highlighting that the economic expansion in terms of gross value added (GVA) is expected to improve to 6.3% in the three months to September from 5.6% in the previous quarter, on the back of a rise in industrial growth. On the global front, euro edged higher for a second consecutive day on Wednesday, recouping more than half of its losses sustained after the German coalition collapse as investors bought the single currency on expectations of strong economic growth.
Finally, the rupee ended at 64.92, 2 paise weaker from its previous close of 64.90 on Tuesday. The currency touched a high and low of 64.95 and 64.71 respectively. The Reserve Bank of India's (RBI) reference rate for the dollar stood at 64.74 and for Euro stood at 76.07 on November 22, 2017. While the RBI's reference rate for the Yen stood at 57.75, the reference rate for the Great Britain Pound (GBP) stood at 85.85. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
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