Indian rupee weakened considerably against dollar on Friday, due to fresh demand for American currency from banks and importers amid rising crude oil prices. The rupee sentiment was hit with report that the RBI projected the economy to expand by 6% during the next financial year, pegging it at the lower end of the GDP growth estimate of the Economic Survey. Traders took note of private report that the country needs to double credit growth to 15 percent to become a $5 trillion economy by 2024-25. The weak trade in the local equity market along with dollar's strengthen against some other currencies also dragged the local unit. On the global front, euro fell to its lowest since October on Friday after German industrial output for December recorded its biggest decline in a decade and strong employment numbers in the United States encouraged investors to buy the dollar.
The last traded price of rupee was 71.40, 22 paise weaker from its previous close of 71.18 on Thursday. The currency touched a high and low of 71.49 and 71.20 respectively. The reference rate for the dollar stood at 71.25 and for Euro stood at 78.38 on February 6, 2020. While the reference rate for the Yen stood at 64.82, the reference rate for the Great Britain Pound (GBP) stood at 92.51.
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