Indian rupee gave up all of its initial gains and ended marginally lower against U.S. dollar on Friday, due to fresh demand for the American currency from banks and importers. Traders remained cautious as SBI research report stated that with the government's Rs 20 lakh crore stimulus package, the country's fiscal deficit is likely to be more than double to 7.9% in the current financial year. The domestic currency was also weighed down by dollar's strengthen against some other currencies overseas. However, losses were limited as traders found some support with report that India called for an agreement among G20 nations to enable the use of flexibilities under a WTO pact on intellectual property rights to ensure access to essential medicines, treatments and vaccines at affordable prices. On the global front, U.S. dollar was set for a weekly gain on Friday as rising Sino-U.S. tensions and worries about a second wave of coronavirus infections rattled investors.
Finally, the rupee ended at 75.58, 2 paise weaker from its previous close of 75.56 on Thursday. The currency touched a high and low of 75.59 and 75.45 respectively. The reference rate for the dollar stood at 75.44 and for Euro stood at 81.50 on May 14, 2020. While the reference rate for the Yen stood at 70.64, the reference rate for the Great Britain Pound (GBP) stood at 91.98.
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