Indian rupee ended marginally lower against US dollar on Monday, due to fresh demand for the American currency from banks and importers. Sentiments remained subdued with the private report stating that India’s factory output growth in December 2017 is projected to come down to 5.5-6%, from a 17-month high of 8.4% in November last year. Moreover, the domestic currency was also weighed down by dollar's strengthen against some other currencies overseas. However, losses were limited as some support came after the economic survey released earlier in the day projected economic growth would be 7.0-7.5% in the year starting in April, up from a projected 6.75% for the current fiscal year. On the global front, dollar edged higher against a basket of currencies on Monday, helped by rising bond yields and a week packed with US data starting with a central bank policy decision, though the broader outlook remained murky for the greenback.
Finally, the rupee ended at 63.58, 4 paise weaker from its previous close of 63.54 on Thursday. The currency touched a high and low of 63.62 and 63.48 respectively. The Reserve Bank of India's (RBI) reference rate for the dollar stood at 63.54 and for Euro stood at 78.86 on January 29, 2018. While the RBI's reference rate for the Yen stood at 58.38, the reference rate for the Great Britain Pound (GBP) stood at 89.82. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
