Indian rupee ended marginally weaker against the American currency on Monday, due to fresh dollar demand from banks and importers. Sentiments remained down-beat with report that overseas investment by Indian companies fell by nearly 70 per cent to $866 million in January this year. Investors even overlooked a private report stating that India’s economic recovery is expected to have gathered momentum and GDP growth is likely to grow at its fastest pace at 7 per cent in the December quarter as consumers, businesses and the government stepped up spending. However, persistent foreign capital inflows into equity market along with dollar losing sheen against other currencies overseas restricted further losses. On the global front, dollar turned lower against a currency basket on Monday, giving back some of the previous week’s gains, with investors cautious ahead of Federal Reserve Chairman Jerome Powell’s first congressional testimony later in the week.
Finally, the rupee ended at 64.79, 6 paise weaker from its previous close of 64.73 on Friday. The currency touched a high and low of 64.83 and 64.62 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 64.66 and for Euro stood at 79.69 on February 26, 2018. While the RBI’s reference rate for the Yen stood at 60.69, the reference rate for the Great Britain Pound (GBP) stood at 90.65. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
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