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Rupee weakens against dollar ahead of September quarter GDP data

30 Nov 2017 Evaluate

Indian rupee weakened against the US dollar on Thursday ahead of the September quarter GDP data. Market participants were keenly eyeing the second quarter GDP data to understand the effects of GST implementation on the economy. Further, increased month-end demand for the US currency from importers, lower opening of the domestic equity markets, and dollar’s gains against other currencies overseas on upbeat US economic growth data too weighed on the rupee. On the global front, the dollar held steady on Thursday but was set for a monthly loss against a basket of currencies as investors warily watch progress on US tax reform legislation, while sterling stood tall on optimism a Brexit accord would be reached.

The partially convertible currency is currently trading at 64.46, weaker by 14 paise from its previous close of 64.32 on Wednesday. The currency touched a high and low of 64.55 and 64.4150 respectively. The Reserve Bank of India's (RBI) reference rate for the dollar stood at 64.40 and for Euro stood at 76.32 on November 29, 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 86.14. The reference rates are based on 12 noon rates of a few select banks in Mumbai.

Date1US$1GBP
November 29, 201764.405886.1428
November 28, 201764.420685.8469

(RBI-Reference Rate)

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