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Rupee ends lower against dollar on Thursday

13 Jun 2019 Evaluate

Indian rupee ended weaker against the American currency on Thursday, due to fresh dollar demand from banks and importers. Investors remained concerned with data showing that retail inflation spiked to a seven-month high of 3.05 percent in May, though remaining within RBI's comfort level, as kitchen items like vegetables, meat and fish turned dearer. Lackluster trade in the equity markets too affected the rupee value. However, losses remain capped with United Nations trade report that India received foreign direct investments worth $42 billion in 2018, helped by robust inflows in manufacturing, communication and financial services. On the global front, yen rallied on Thursday as fading hopes of a U.S.-China trade deal at this month's G20 meeting and massive street protests in Hong Kong drove investors into safe-haven assets.

Finally, the rupee ended at 69.50, 15 paise weaker from its previous close of 69.34 on Wednesday. The currency touched a high and low of 69.56 and 69.31 respectively. The reference rate for the dollar stood at 69.40 and for Euro stood at 78.70 on June 12, 2019. While the reference rate for the Yen stood at 64.07, the reference rate for the Great Britain Pound (GBP) stood at 88.32.

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