Indian rupee ended marginally lower against US dollar on Friday, due to fresh demand for the American currency from banks and importers. Traders remained concerned with CARE Ratings’ report that even though RBI lowered its inflation projection sharply from previous forecasts in its first monetary policy review for the new financial year, two key factors -- the progress and spread of monsoons along with the MSP fixation by the government would be a key determinant for inflation in the coming months. However, dollar’s weakness against some currencies overseas restricted the rupee’s fall. On the global front, dollar faltered on Friday after US President Donald Trump threatened $100 billion in additional tariffs on China, in a fresh escalation of trade tensions between the world’s largest economies.
Finally, the rupee ended at 64.97, 1 paise weaker from its previous close of 64.96 on Thursday. The currency touched a high and low of 65.03 and 64.94 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 64.98 and for Euro stood at 79.51 on April 06, 2018. While the RBI’s reference rate for the Yen stood at 60.54, the reference rate for the Great Britain Pound (GBP) stood at 90.95. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
