Indian rupee surrendered some of its earlier gains and ended tad higher against dollar on Thursday, on bouts of greenback selling by exporters and banks. The sentiments got some support with India Ratings and Research’s latest report that the country's economic growth is expected to improve to 7.1 per cent next fiscal from 6.5 per cent this year, buoyed by robust consumption demand and low commodity prices. Besides, gains in the local equity markets along with dollar’s slide against some currencies overseas, too supported the rupee. However, investors remained cautious with the World Economic Forum’s (WEF) report that the world will see risks related to environment, economy and international relations intensify this year with a majority of stakeholders expecting political or economic confrontations between major powers to worsen. On the global front, Sterling steadied against dollar on Thursday, consolidating some of the recent gains that have propelled the pound to its highest levels since Britain voted to exit the European Union.
Finally, the rupee ended at 63.87, 1 paise stronger from its previous close of 63.88 on Wednesday. The currency touched a high and low of 63.94 and 63.74 respectively. The Reserve Bank of India's (RBI) reference rate for the dollar stood at 63.84 and for Euro stood at 77.88 on January 18, 2018. While the RBI's reference rate for the Yen stood at 57.41, the reference rate for the Great Britain Pound (GBP) stood at 88.28. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
