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Rupee ends lower against dollar on Friday

21 Jun 2019 Evaluate

Indian rupee ended weaker against the American currency on Friday, due to fresh dollar demand from banks and importers. Investors remained concerned with Reserve Bank of India Governor Shaktikanta Das’ statement that the Indian economy has been clearly losing traction and needs a decisive monetary policy to promote growth. He also favoured shifting the stance of monetary policy from neutral to accommodative to send a clear signal, indicating that more measures could be taken in the near future to boost growth. Besides, the dollar's strength against some currencies overseas and subdued sentiments in domestic equity markets weighed on the domestic unit. On the global front, dollar showed signs of a modest bounce on Friday on a weaker-than-expected business survey from Japan and persistent fears of conflict between the U.S. and Iran.

Finally, the rupee ended at 69.58, 14 paise weaker from its previous close of 69.44 on Thursday. The currency touched a high and low of 69.76 and 69.52 respectively. The reference rate for the dollar stood at 69.56 and for Euro stood at 78.47 on June 20, 2019. While the reference rate for the Yen stood at 64.69, the reference rate for the Great Britain Pound (GBP) stood at 88.37.

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