Indian rupee ended weaker against dollar on Friday on account of increased demand for dollar from banks and importers. Investors failed to get solace with a private report that the slowdown in the economy has bottomed out, and going forward, the pace of recovery will depend on initiatives the government takes to boost growth momentum, especially private investment. The report added that there has been improvement on some parameters of the economy following the slowdown, post demonetization and GST. However, gains of local equities coupled with dollar’s weakness against the basket of other major currencies limited further depreciation of Indian currency. On the global front, US dollar was listless against euro after data showed that the euro zone economy continued to improve and job creation grew at its fastest pace in 17 years.
Finally, the rupee ended at 64.70, 13 paise weaker from its previous close of 64.57 on Thursday. The currency touched a high and low of 64.74 and 64.56 respectively. The Reserve Bank of India's (RBI) reference rate for the dollar stood at 64.73 and for Euro stood at 76.72 on November 24, 2017. While the RBI's reference rate for the Yen stood at 58.07, the reference rate for the Great Britain Pound (GBP) stood at 86.03. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
