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Rupee ends unchanged on Tuesday

04 Jun 2019 Evaluate

Indian rupee ended unchanged compared to its previous close as investors remained cautious ahead of RBI's monetary policy decision. Some concern also came with a private report stating that the pre-monsoon rainfall in the country was the second lowest in 65 years. The three-month pre-monsoon season March, April and May ended with a rainfall deficiency of 25%. As per the report, all the four meteorological divisions - Northwest India, Central India, East-Northeast India and South Peninsula - recorded deficit rainfall of 30%, 18%, 14% and 47%, respectively. The weak trade in the local equity market also adversely impacted local forex trade. On the global front, dollar struggled to shake off a harsh overnight session, slipping to a five-month low against the yen on Tuesday, hurt by a sharp slide in U.S. Treasury yields thanks to rising bets for a near-term rate cut by the Federal Reserve.

Finally, the rupee ended unchanged from its previous close of 69.26 on Monday. The currency touched a high and low of 69.34 and 69.00 respectively. The reference rate for the dollar stood at 69.43 and for Euro stood at 77.56 on June 4, 2019. While the reference rate for the Yen stood at 64.13, the reference rate for the Great Britain Pound (GBP) stood at 87.71. 

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