Indian rupee ended almost flat against dollar on Friday, on account of buying in American currency by banks and importers. Traders remained wary as the Reserve Bank of India (RBI) reduced GDP growth forecast to 6.1 percent from its earlier estimate of 6.9 per cent in its fourth bi-monthly monetary policy meeting. Rupee was also weighed down on the back of sharp losses in the local equities. However, traders took some support with Niti Aayog CEO Amitabh Kant’s statement that there will be many more structural reforms by the government in the coming days to push economy to a high growth trajectory. On the global front, dollar steadied on Friday before monthly jobs figures, as weak manufacturing and services data this week raised concerns the US economy was losing momentum and could potentially under-cut the greenback's rally.
Finally, the rupee ended at 70.88, 1 paise weaker from its previous close of 70.87 on Thursday. The currency touched a high and low of 71.03 and 70.78 respectively. The reference rate for the dollar stood at 71.11 and for Euro stood at 77.89 on October 3, 2019. While the reference rate for the Yen stood at 66.39, the reference rate for the Great Britain Pound (GBP) stood at 87.41.
