Indian rupee pared most of its early losses but still ended weaker against the American currency on Monday, due to fresh dollar demand from banks and importers. Investors failed to get some support with statement of an UN expert that India can achieve an 8% growth rate for the next two decades by promoting investment and improving the living conditions of its people. However, domestic unit recovered from early losses, as Prime Minister Narendra Modi-led BJP looked set to win key polls in Himachal Pradesh and Gujarat. On the global front, dollar dipped against a basket of major currencies on Monday, on caution ahead of a vote in US Congress on tax reform, after the bill moved another step closer to ratification over the weekend.
Finally, the rupee ended at 64.23, 19 paise weaker from its previous close of 64.04 on Friday. The currency touched a high and low of 64.72 and 64.08 respectively. The Reserve Bank of India's (RBI) reference rate for the dollar stood at 64.10 and for Euro stood at 75.42 on December 18, 2017. While the RBI's reference rate for the Yen stood at 56.90, the reference rate for the Great Britain Pound (GBP) stood at 85.54. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
