Indian rupee ended marginally lower against US dollar on Friday, due to fresh demand for the American currency from banks and importers. Investors remained cautious with a private report that Indian retail inflation likely to stay above the Reserve Bank of India's target. But it also said that inflation may eased to a four-month low in February on softening prices for vegetable and other perishable foods. Besides, selling in last hour of trade in the domestic equity markets, too weighed on the rupee sentiment. However, losses were limited as some support came with Economic Affairs Secretary Subhash Chandra Garg’s statement that the 7.2% expansion in the economy during October-December quarter has put the country in one of the highest growth bracket in the world and recovery will continue to be sharp going ahead. On the global front, US dollar inched up against yen on Friday amid eased geopolitical concerns after US President Donald Trump agreed to meet Kim Jong Un, top leader of the Democratic People's Republic of Korea (DPRK).
Finally, the rupee ended at 65.16, 2 paise weaker from its previous close of 65.14 on Thursday. The currency touched a high and low of 65.19 and 65.05 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 65.07 and for Euro stood at 80.16 on March 09, 2018. While the RBI’s reference rate for the Yen stood at 60.97, the reference rate for the Great Britain Pound (GBP) stood at 89.85. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
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