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Rupee ends marginally lower against dollar on Monday

09 Apr 2018 Evaluate

Indian rupee ended marginally lower against US dollar on Monday, due to fresh demand for the American currency from banks and importers. Traders failed to get relief with the World Economic Situation and Prospects 2018 report of the United Nations, which enlightening that the Indian economy is projected to grow at 7.2% in 2018-19 and 7.4% in 2019-20. The report indicates that the outlook for India remains largely positive, underpinned by robust private consumption and public investment as well as ongoing structural reforms. Besides, dollar’s renewed strength against other currencies overseas too weighed on the rupee. On the global front, dollar edged higher on Monday, extending a two-week winning streak, as rising stock markets signalled a return in risk appetite, though investors remained wary about trade tensions between the United States and China.

Finally, the rupee ended at 65.03, 6 paise weaker from its previous close of 64.97 on Friday. The currency touched a high and low of 65.06 and 64.84 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 64.92 and for Euro stood at 79.68 on April 09, 2018. While the RBI’s reference rate for the Yen stood at 60.66, the reference rate for the Great Britain Pound (GBP) stood at 91.49. The reference rates are based on 12 noon rates of a few select banks in Mumbai.

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