Indian rupee ended marginally lower against US dollar on Friday, due to fresh demand for the American currency from banks and importers. Traders remained cautious ahead of RBI policy meeting that is scheduled for next week and preliminary GDP number that will be released from the US. Investors overlooked report that foreign direct investment (FDI) from nations widely regarded as tax havens such as Cayman Islands and Hong Kong jumped in 2017-18, even as overall India-bound investments showed a slower rise, year-on-year (Y-o-Y). From the Cayman Islands, inflows rose in a single year from a low $71.03 million to a whopping $1.23 billion. On the global front, dollar trimmed its losses against the yen on Friday after the Bank of Japan conducted a special government bond-buying operation to arrest a rise in long-term yields.
Finally, the rupee ended at 68.66, 1 paise weaker from its previous close of 68.65 on Thursday. The currency touched a high and low of 68.75 and 68.53 respectively. The reference rate for the dollar stood at 68.70 and for Euro stood at 79.98 on July 27, 2018. While the RBI’s reference rate for the Yen stood at 61.84, the reference rate for the Great Britain Pound (GBP) stood at 89.98. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
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