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Rupee extends weakness for second straight session

29 Nov 2019 Evaluate

Extending weakness for the second day, Indian rupee ended lower against dollar on Friday, as good demand for the greenback from importers. Traders remain concerned with a private report that India's economy probably expanded at its weakest pace in more than six years in the quarter to September, as consumer demand and private investment weakened further and a global slowdown hit exports. Some caution also prevailed in the markets ahead of the release of the Gross Domestic Product (GDP) data for the September quarter slated for later in the day. Heavy losses in the domestic equity market along with dollar’s strength against major global currencies overseas also weighed on the domestic unit. On the global front, euro hovered around its lowest levels for this month on Friday as the dollar held its poise on hopes that the United States and China would be able defuse their damaging tariff war with a preliminary trade deal. 

Finally, the rupee ended at 71.74, 12 paise weaker from its previous close of 71.62 on Thursday. The currency touched a high and low of 71.87 and 71.62 respectively. The reference rate for the dollar stood at 71.51 and for Euro stood at 78.73 on November 28, 2019. While the reference rate for the Yen stood at 65.33, the reference rate for the Great Britain Pound (GBP) stood at 92.58.

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