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Rupee ends marginally lower against dollar on Thursday

09 Aug 2018 Evaluate

Paring early gains, Indian rupee ended marginally lower against US dollar on Thursday, due to fresh demand for the American currency from banks and importers. Traders failed to get relief with International Monetary Fund's (IMF) report stating that the $2.6-trillion Indian economy is like an ‘elephant starting to run’ and will remain one of the world’s fastest-growing economies, aided by structural reforms. However, it needs to simplify the goods and services tax (GST) structure and take advantage of strong growth to trim debt more aggressively than planned. The domestic currency was also weighed down by dollar's strengthen against some other currencies overseas. On the global front, dollar gained against most major currencies on Thursday as investors bet that trade war rhetoric and a strong U.S. economy would continue to aid the currency.

Finally, the rupee ended at 68.68, 6 paise weaker from its previous close of 68.62 on Wednesday. The currency touched a high and low of 68.71 and 68.45 respectively. The reference rate for the dollar stood at 68.62 and for Euro stood at 79.63 on August 9, 2018. While the RBI’s reference rate for the Yen stood at 61.80, the reference rate for the Great Britain Pound (GBP) stood at 88.34. The reference rates are based on 12 noon rates of a few select banks in Mumbai.  

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