Indian rupee ended weaker against dollar on Monday, on account of sustained demand for dollar from banks and importers. Sentiments remained dampened with the CSO’s first advance estimates of Gross Domestic Product (GDP) growth for current financial year which highlighted that the Indian economy is expected to grow at a slower 6.5% in 2017-18 compared to the 7.1% in 2016-17. According to CSO, the GDP at constant (2011-12) prices for 2017-18 is likely to attain a level of Rs 129.85 lakh crore. Besides, the dollar rose to a position of strength overseas too weighed on the rupee sentiment. Though, spectacular rally in domestic equities limited further depreciation of Indian currency. On the global front, dollar inched higher against a basket of major peers on Monday as data showing slower US jobs growth did little to dent expectations for further Federal Reserve interest rate increases this year.
Finally, the rupee ended at 63.50, 13 weaker from its previous close of 63.37 on Friday. The currency touched a high and low of 63.50 and 63.24 respectively. The Reserve Bank of India's (RBI) reference rate for the dollar stood at 63.34 and for Euro stood at 76.15 on January 08, 2018. While the RBI's reference rate for the Yen stood at 55.95, the reference rate for the Great Britain Pound (GBP) stood at 85.88. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
