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Rupee ends tad lower against dollar on Friday

27 Dec 2019 Evaluate

Indian rupee ended marginally lower against US dollar on Friday, due to fresh demand for the American currency from banks and importers. Traders remained cautious with private report indicating that the government could miss its FY20 divestment target by as much as Rs 50,000 crore. Traders also took a note of the International Monetary Fund (IMF) raised doubts over India's methodology to calculate gross domestic product (GDP) numbers, saying certain changes to historical series and discrepancies between GDP by activity and GDP by expenditure have made the growth calculation process complex. However, strong gains in the domestic equity markets capped the rupee losses. On the global front, dollar hovered near a six-month high versus the Japanese yen on Friday, buoyed by easing Sino-US trade tensions.

Finally, the rupee ended at 71.35, 4 paise weaker from its previous close of 71.31 on Thursday. The currency touched a high and low of 71.40 and 71.19 respectively. The reference rate for the dollar stood at 71.26 and for Euro stood at 79.02 on December 26, 2019. While the reference rate for the Yen stood at 65.05, the reference rate for the Great Britain Pound (GBP) stood at 92.55.

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