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Rupee weakens a bit against dollar on Tuesday

11 Feb 2020 Evaluate

Indian rupee depreciated marginally against dollar on Tuesday due to fresh demand for the American currency from banks and importers. Traders remain concerned ahead of the macro-economic data like Index of Industrial Production (IIP), Consumer Price Index (CPI) and Wholesale Price Index (WPI) to be out tomorrow. However, traders took some support with Finance Minister Nirmala Sitharaman’s statement the economy is not in trouble and green shoots are visible with the country moving towards a $5 trillion economies. Listing initiatives taken by the government, she said, increasing FDI, rise in factory output and over Rs 1 lakh crore GST collection in the past three months are indications of green shoots in the economy. On the global front, Sterling enjoyed some respite on Tuesday after British economic growth showed no change in the fourth quarter in spite of market expectations it would be slower. But the currency remained around its lowest levels for this year amid uncertainty over Britain's trade relationship with the European Union. 

The last traded price of rupee was 71.29, 1 paise weaker from its previous close of 71.28 on Monday. The currency touched a high and low of 71.33 and 71.19 respectively. The reference rate for the dollar stood at 71.30 and for Euro stood at 78.11 on February 10, 2020. While the reference rate for the Yen stood at 64.93, the reference rate for the Great Britain Pound (GBP) stood at 92.01.

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