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Rupee ends almost flat against dollar on Monday

25 Mar 2019 Evaluate

Indian rupee ended almost flat against dollar on Monday, on account of some buying in American currency by banks and importers. Traders remained wary with a private report stating that India's industrial production is expected to stay muted in the near term, owing to weak exports, rural distress, credit constraints and uncertainty over the election outcome. According to the report, the Index of Industrial Production (IIP) is likely to have grown by 3-3.2 per cent during February 2019. Rupee was weighed down also on the back of rise in global crude oil prices along with sharp losses in the local equities. On the global front, dollar edged back from a six-week low against yen on Monday, as a degree of calm returned to the market gripped by fears of a recession in the United States.

Finally, the rupee ended at 68.96, 1 paise weaker from its previous close of 68.95 on Friday. The currency touched a high and low of 69.17 and 68.78 respectively. The reference rate for the dollar stood at 68.99 and for Euro stood at 77.97 on March 25, 2019. While the reference rate for the Yen stood at 62.76, the reference rate for the Great Britain Pound (GBP) stood at 90.87.

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