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Rupee extends weakness for second straight session

20 Dec 2019 Evaluate

Extending weakness for the second day, Indian rupee ended marginally lower against dollar on Friday, as good demand for the greenback from importers. Traders remain concerned as credit rating agency, Fitch Ratings cut India's GDP growth forecast for 2019-20 fiscal year to 4.6 percent on the deterioration in business and consumer confidence. However, losses remain capped as some optimism remained among the traders with Prime Minister Narendra Modi’s statement that the Indian economy has the resilience to reverse the current slowdown and return to high growth trajectory and he exhorted corporates to take bold investment decisions to help push up GDP growth. On the global front, dollar was largely steady against other major currencies on Friday but set for its best week in a month thanks to a stronger tone to economic data.

Finally, the rupee ended at 71.12, 9 paise weaker from its previous close of 71.03 on Thursday. The currency touched a high and low of 71.23 and 71.04 respectively. The reference rate for the dollar stood at 71.08 and for Euro stood at 79.09 on December 19, 2019. While the reference rate for the Yen stood at 64.86, the reference rate for the Great Britain Pound (GBP) stood at 92.99.

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MoneyWorks4Me is a SEBI-registered Investment Adviser (IA) dedicated to helping investors build long-term wealth through transparent, research-driven, conflict-free guidance. Founded in 2008, we started our journey as a Research Analyst (RA), providing deep fundamental analysis, intrinsic value insights, and long-term investing frameworks for Indian equities. In 2017, we transitioned to a full-fledged SEBI-registered Investment Adviser, strengthening our commitment to acting as a fiduciary—always putting the investor’s interest first.

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