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Rupee extends weakness for second straight session

14 Jun 2019 Evaluate

Extending weakness for the second day, Indian rupee ended significantly weaker against dollar on Friday, as good demand for the greenback from importers and weakness in domestic shares. Market participants paid no heed towards a report that India’s Wholesale price index (WPI) inflation continued its easing trend for second straight month and hit 22-month low of 2.45% in the month of May 2019, the lowest level since July 2017, as prices of food articles cooled down. On the global front, British pound fell again on Friday as investors trimmed their positions after Brexiteer Boris Johnson moved closer to becoming the next prime minister, putting sterling on course for a six-week losing streak versus the euro.

Finally, the rupee ended at 69.80, 30 paise weaker from its previous close of 69.50 on Thursday. The currency touched a high and low of 69.85 and 69.52 respectively. The reference rate for the dollar stood at 69.35 and for Euro stood at 78.37 on June 13, 2019. While the reference rate for the Yen stood at 64.03, the reference rate for the Great Britain Pound (GBP) stood at 88.02.

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