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Rupee ends lower against dollar on Friday; macro-economic data eyed

12 Jul 2019 Evaluate

Indian rupee ended weaker against the American currency on Friday, due to fresh dollar demand from banks and importers. Investors remained concerned ahead of key macro data - index of industrial production (IIP) for May and consumer price index-based inflation for June scheduled to be released later today. Sentiments also remained dampened with former finance minister P Chidambaram’s statement that the Union Budget 2019-20 does not chalk out a clear roadmap to take India on the path of high economic growth and lacks bold steps and structural reforms. On the global front, dollar edged lower for a third consecutive day on Friday as stronger-than-expected U.S. inflation data failed to shake convictions that the Federal Reserve will start cutting interest rates at a policy meeting later this month.

Finally, the rupee ended at 68.69, 24 paise weaker from its previous close of 68.44 on Thursday. The currency touched a high and low of 68.69 and 68.48 respectively. The reference rate for the dollar stood at 68.36 and for Euro stood at 77.04 on July 11, 2019. While the reference rate for the Yen stood at 63.32, the reference rate for the Great Britain Pound (GBP) stood at 85.65.

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