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Rupee loses ground for third straight session

10 Jun 2019 Evaluate

Indian rupee continued to slide against the American currency for the third day on Monday, on increased demand for the greenback from importers and banks. Traders remain anxious with India Meteorological Department’s (IMD) data which showed that a delay in the arrival of monsoon has pushed the country’s rainfall deficiency in the first nine days of June to 45%. Monsoon made an onset over Kerala on June 8, a week after its normal arrival date. This has also delayed its arrival in different parts of the country. The domestic currency was also weighed down by dollar's strengthen against some other currencies overseas along with rising crude oil prices. On the global front, pound tumbled against the dollar, after the Office for National Statistics reported the economy shrank 0.4% in April compared to March.

Finally, the rupee ended at 69.65, 19 paise weaker from its previous close of 69.46 on Friday. The currency touched a high and low of 69.68 and 69.38 respectively. The reference rate for the dollar stood at 69.30 and for Euro stood at 78.06 on June 10, 2019. While the reference rate for the Yen stood at 63.92, the reference rate for the Great Britain Pound (GBP) stood at 88.02.

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