Indian rupee ended unchanged on Monday compared to its previous close as investors remained cautious ahead of Reserve Bank of India’s (RBI’s) monetary policy meeting to be start from tomorrow. Traders also remained pessimistic with Fitch Ratings’ statement that high debt burden of the government constrains India’s rating upgrade, after Finance Minister Arun Jaitley projected a fiscal deficit of 3.5 percent of GDP against the earlier target of 3.2 percent. Meanwhile, Arun Jaitley said that the economy has entered into a phase of consolidation after a series of structural reforms which were initiated in the past two years. On the global front, US dollar paused on Monday after rebounding at the end of last week, when a strong jobs report suggested the currency's weakness might have gone too far, too fast.
Finally, the rupee ended unchanged from its previous close of 64.06 on Friday. The currency touched a high and low of 64.19 and 63.70 respectively. The Reserve Bank of India's (RBI) reference rate for the dollar stood at 64.02 and for Euro stood at 79.72 on February 05, 2018. While the RBI's reference rate for the Yen stood at 58.22, the reference rate for the Great Britain Pound (GBP) stood at 90.40. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
