Indian rupee pared all of its early gains and ended flat against dollar on Friday, as rising coronavirus cases in the country weighed on investors’ sentiment. Traders remained cautious with the Federation of Indian Export Organisations’ (FIEO) statement that India’s exports are likely to witness a 10-12% year-on-year decline during the ongoing fiscal (FY 2020-21), if the current trend persists. Market participants took note of report of National Council of Applied Economic Research (NCAER) stated that the actual economic growth would depend on the effectiveness of the stimulus package announced by the government to mitigate impact of coronavirus pandemic. However, positive domestic stock markets supported the rupee to some extent. On the global front, US dollar steadied on Friday but was set for its biggest weekly drop in three weeks as caution over growing coronavirus infections cast doubt over the U.S. economic outlook while a bounce in stocks pushed the kiwi dollar higher.
Finally, the rupee ended flat from its previous close of 75.65 on Thursday. The currency touched a high and low of 75.65 and 75.43 respectively. The reference rate for the dollar stood at 75.63 and for Euro stood at 85.06 on June 25, 2020. While the reference rate for the Yen stood at 70.57, the reference rate for the Great Britain Pound (GBP) stood at 93.91.
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