Indian rupee extended its weakness for the second consecutive day on Friday, on increased month-end demand for the American currency from importers. Sentiments remained down-beat with the report that private equity investments in the first quarter of this year fell to nearly 3-year low of $2.1 billion in the absence of big ticket deals. According to the report, there was a decline both in terms of value as well as volume of deals and PE investment values dropped to the lowest level in the last 11 quarters. Moreover, the US dollars gains against some other currencies overseas and a weak domestic equity market put pressure on the rupee. On the global front, Sterling climbed to its highest against the dollar since late September on Friday, brushing off data showing a sharp slowdown in UK economic growth as traders closed off heavy bets against the pound ahead of a long Bank Holiday weekend.
Finally, the rupee ended at 64.25, 10 paise weaker from its previous close of 64.15 on Thursday. The currency touched a high and low of 64.37 and 64.06 respectively. The Reserve Bank of Indias (RBI) reference rate for the dollar stood at 64.21 and for Euro stood at 69.88 on April 28, 2017. While the RBIs reference rate for the Yen stood at 57.72, the reference rate for the Great Britain Pound (GBP) stood at 82.82. The reference rates are based on 12 noon rates of a few select banks in Mumbai.