Indian rupee ended weaker against dollar on Friday, on emergence of demand for the greenback from importers. Investors’ sentiment remained fragile as the Asian Development Bank (ADB) in a supplement to its Asian Development Outlook (ADO) has forecasted that the Indian economy is expected to contract by 4% during the current financial year, hit hard by the COVID-19 pandemic. However, downside remained capped as gains in domestic equity markets provided some support to the rupee. On the global front, Sterling rose slightly on Friday after hitting almost three-week lows as retail sales rebounded in May more strongly than hoped with the country gradually relaxing its coronavirus lockdown.
Finally, the rupee ended at 76.20, 6 paise weaker from its previous close of 76.14 on Thursday. The currency touched a high and low of 76.29 and 76.17 respectively. The reference rate for the dollar stood at 76.15 and for Euro stood at 85.69 on June 18, 2020. While the reference rate for the Yen stood at 71.21, the reference rate for the Great Britain Pound (GBP) stood at 95.58.
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