Indian rupee depreciated against the US dollar on Friday due to fresh demand for the American currency from banks and importers. Rupee sentiment was hit by the minutes of the RBI's April 6 policy meeting, where all members expressed concern about stickiness in core inflation and believed that the disinflationary effect of demonetisation will be transient. Additionally, a firm dollar against some global currencies overseas along with some losses in the local equities too pressurized the sentiment. On the global front, dollar gained against most leading rivals on Friday, ahead of the first round of a tight French presidential race that likely holds implications for the eurozone economy.
Finally, the rupee ended at 64.62, 6 paise weaker from its previous close of 64.56 on Thursday. The currency touched a high and low of 64.66 and 64.55 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 64.57 and for Euro stood at 69.16 on April 21, 2017. While the RBI’s reference rate for the Yen stood at 59.03, the reference rate for the Great Britain Pound (GBP) stood at 82.70. The reference rates are based on 12 noon rates of a few select banks in Mumbai.