Indian rupee ended weaker against the US dollar on Friday, on increased demand for the greenback from importers and banks. Traders remain concerned with Economic Affairs Secretary Tarun Bajaj’s statement that the government is unlikely to meet the Budget targets for current financial year (FY21) due to the COVID-19 crisis but contraction in economic growth may not be as severe as being pointed out by the outside world. Further, US-China tensions, pressure in Indian equity markets and surge in coronavirus cases too dented the investors’ sentiment. On the global front; Japanese yen rose to a one-month high while the euro’s gains paused as traders waited for flash Purchasing Managers’ Index readings for July across major developed economies.
Finally, the rupee ended at 74.84, 9 paise weaker from its previous close of 74.75 on Thursday. The currency touched a high and low of 74.98 and 74.80 respectively. The reference rate for the dollar stood at 74.75 and for Euro stood at 86.64 on July 23, 2020. While the reference rate for the Yen stood at 69.79, the reference rate for the Great Britain Pound (GBP) stood at 95.28.
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