Indian rupee slipped against the US dollar on Friday, due to increased demand of the greenback from the importers and the banks. Traders were cautious as India's Wholesale Price Index (WPI) inflation worsened to 3.1 percent in January from 2.59 percent in December, registering a 0.1 percent increase. This is the highest inflation figure in last eight months. A weak trend at Dalal Street coupled with US dollar’s gain against other currencies overseas weighed on the local unit, while easing crude oil prices gave support and restricted the fall. Traders also found some solace as global ratings agency Standard and Poor's affirmed India's sovereign rating at BBB- with stable outlook, saying the country's GDP growth is likely to gradually recover towards longer-term trend rates over the next two to three years. On the global front, euro eased to another nearly three-year low on Friday as investors worried about slowing growth momentum in the eurozone ahead of an estimate of how its economy performed in the fourth quarter.
The last traded price of rupee was 71.36, 10 paise weaker from its previous close of 71.26 on Thursday. The currency touched a high and low of 71.41 and 71.29 respectively. The reference rate for the dollar stood at 71.46 and for Euro stood at 77.70 on February 13, 2020. While the reference rate for the Yen stood at 65.09, the reference rate for the Great Britain Pound (GBP) stood at 92.56.
