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Rupee falls for the third straight day

08 Apr 2019 Evaluate

Indian rupee continued its fall for the third day in a row against the US currency on Monday, on increased demand for the American unit from importers. The weakness of the rupee comes amid a rise in crude oil prices. Weakness in the domestic equity markets in the second half of the session also hurt the rupee. Market participants paid no heed towards Finance Minister Arun Jaitley’s statement that India is expected to become the third largest economy in the world by 2030 with GDP touching $10 trillion, helped by consumption and investment growth. Currently, the size of the Indian economy is about $2.9 trillion. Talking about avenues of growth for the next 20 years, the finance minister listed infrastructure creation, rural expansion and gender parity, among others. On the global front, euro edged higher from a one-month low hit last week as investors squared positions before a European Central Bank meeting this week where policymakers may strike a cautious note on the region's growth outlook.

Finally, the rupee ended at 69.67, 44 paise weaker from its previous close of 69.23 on Friday. The currency touched a high and low of 69.71 and 69.38 respectively. The reference rate for the dollar stood at 69.51 and for Euro stood at 78.04 on April 8, 2019. While the reference rate for the Yen stood at 62.38, the reference rate for the Great Britain Pound (GBP) stood at 90.78.  

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