Snapping its four-day winning streak, Indian rupee ended marginally weaker against dollar on Wednesday, due to demand for greenback by banks and importers. Investors remained sidelines ahead of services PMI data which is scheduled to be release on January 04, 2017. However, losses were limited as some support came with a private report stating that India’s growth rate is expected to accelerate over the coming year and are likely to improve further to 7.6% by 2019-20 as key sectors would revive from disruptions related to the implementation of GST and demonetization. On the global front, dollar held near a four-month low on Wednesday, having declined nearly 3% in the last three weeks as investors cut positions before manufacturing data and minutes of a December US Federal Reserve meeting due later in the day.
Finally, the rupee ended at 63.53, 5 paise weaker from its previous close of 63.48 on Tuesday. The currency touched a high and low of 63.57 and 63.45 respectively. The Reserve Bank of India's (RBI) reference rate for the dollar stood at 63.48 and for Euro stood at 76.54 on January 03, 2018. While the RBI's reference rate for the Yen stood at 56.55, the reference rate for the Great Britain Pound (GBP) stood at 86.40. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
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