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Rupee falls for third straight day

13 Nov 2019 Evaluate

Falling for third consecutive session, Indian rupee registered sharp losses against the dollar on Wednesday as investors remained anxious over uncertainty in US-China trade deal. Rupee sentiment remained fragile as State Bank of India’s Economic Research Department in its Ecowrap report sharply cut India’s Gross Domestic Product growth forecast to 5% for Fiscal Year 2019-20 from the earlier projection of 6%. Some pessimism also came as India's factory output growth, measured by the Index of Industrial Production, contracted by 4.3% in September as compared to a contraction 1.1% in August 2019 as all three broad-based sectors of capital goods production, consumer durables, and infrastructure and construction goods contracted. Traders also remained on sidelines ahead of Consumer Price Index (CPI) data for October scheduled to be released today.

Finally, the rupee ended at 72.09, 62 paise weaker from its previous close of 71.47 on Monday. The currency touched a high and low of 72.10 and 71.65 respectively. The reference rate for the dollar stood at 71.44 and for Euro stood at 78.75 on November 11, 2019. While the reference rate for the Yen stood at 65.57, the reference rate for the Great Britain Pound (GBP) stood at 91.41.

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