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Rupee ends weaker on dollar strength overseas

28 May 2019 Evaluate

Indian rupee ended weaker against the US dollar on Tuesday, on the back of consistent demand for the greenback from state-run banks and importers. Traders remained concerned with the Federation of Indian Chambers of Commerce & Industry’s (FICCI) statement that the India’s slowing economic growth is of serious concern and the country needs to urgently cut tax and interest rates to revive the economy. Some cautions also prevailed in the markets ahead of GDP number that will be released later this week. A rebound in the dollar from multi-week lows too put pressure on the rupee in the forex market. On the global front, dollar rose against its major peers on Tuesday as investors awaited new trading catalysts after the European Union parliamentary elections showed a polarisation of the 28-member block.

Finally, the rupee ended at 69.69, 18 paise weaker from its previous close of 69.51 on Monday. The currency touched a high and low of 69.74 and 69.60 respectively. The reference rate for the dollar stood at 69.43 and for Euro stood at 77.82 on May 28, 2019. While the reference rate for the Yen stood at 63.38, the reference rate for the Great Britain Pound (GBP) stood at 88.47.

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