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Rupee ends marginally weaker against US dollar

19 Dec 2019 Evaluate

Indian rupee ended marginally weaker against the US dollar on Thursday, due to increased demand of the greenback from the importers and the banks. Traders remained cautious with Chief Economic Adviser Arvind Subramanian’s statement that India is facing a Great Slowdown with its economy headed for intensive care unit primarily due to a second wave of the twin balance sheet crisis at banks. However, losses were limited as some optimism remained among the traders with private report that after months of slump witnessed in consumer confidence in India, the same has picked up in December as various government measures boost the mood. ‘In December, consumer confidence has further surged by 3.3 percentage points. On the global front, dollar took in stride the impeachment of U.S. President Donald Trump on Thursday while its Australian counterpart rallied after a surprise fall in the country’s unemployment rate.

Finally, the rupee ended at 71.03, 6 paise weaker from its previous close of 70.97 on Wednesday. The currency touched a high and low of 71.18 and 70.85 respectively. The reference rate for the dollar stood at 71.06 and for Euro stood at 79.13 on December 18, 2019. While the reference rate for the Yen stood at 64.93, the reference rate for the Great Britain Pound (GBP) stood at 93.12.

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