Falling for the second consecutive session, Indian rupee depreciated against dollar on Wednesday, on increased demand for the US currency from importers. The domestic currency came under pressure as the RBI left key policy repo rate unchanged at 6%. Likewise, it has left the reverse repo rate at 5.75%, while the cash reserve ratio too has been left unchanged at 4%. Some concern also came with report that India's total public debt (excluding liabilities under the public account) increased to Rs 65.65 lakh crore in the July-September quarter (Q2FY18), up by 2.53% over the previous quarter. Besides, losses in domestic equities too affected the rupee, but dollar’s weakness against some currencies overseas kept the fall to a minimum. On the global front, dollar was steady against a basket of the other major currencies on Wednesday as concerns over a possible US government shutdown offset optimism over progress on tax reform.
Finally, the rupee ended at 64.51, 13 paise weaker from its previous close of 64.38 on Tuesday. The currency touched a high and low of 64.55 and 64.39 respectively. The Reserve Bank of India's (RBI) reference rate for the dollar stood at 64.44 and for Euro stood at 76.27 on December 06, 2017. While the RBI's reference rate for the Yen stood at 57.42, the reference rate for the Great Britain Pound (GBP) stood at 86.49. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
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