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Rupee ends considerably weaker along with equities

13 May 2019 Evaluate

Indian rupee ended considerably weaker against the US dollar on Monday, as uncertainty following trade tensions between US and China escalated. Investors remained concerned with data showing that India’s industrial output declined by 0.1% in March, hitting a 21-month low, due to contraction in manufacturing, capital goods and consumer durables. Traders also remained wary ahead of Consumer Price Index (CPI) data for April scheduled to be released today. Heavy selling in domestic equities and rising crude oil prices also kept pressure on the Indian rupee. On the global front, Japanese yen rose on Monday, as a stalemate over trade talks between the U.S. and China pushed investors toward assets perceived as havens.

Finally, the rupee ended at 70.51, 59 paise weaker from its previous close of 69.92 on Friday. The currency touched a high and low of 70.53 and 70.09 respectively. The reference rate for the dollar stood at 69.92 and for Euro stood at 78.48 on May 13, 2019. While the reference rate for the Yen stood at 63.72, the reference rate for the Great Britain Pound (GBP) stood at 90.92.

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