Tumbling for second straight session, Rupee ended substantially weaker against dollar on Thursday on account of continued dollar demand from importers and banks. Traders remained concern as FIEO stated that the government's decision to cap export incentives under the Merchandise Exports from India Scheme (MEIS) at Rs 2 crore per exporter on exports made between September 1, 2020 to December 31, 2020 is going to seriously affect traders and cause uncertainty. Market participants paid no heed to IHS Markit Services Purchasing Managers' Index (PMI) indicated a slower rate of decline in business activity across the Indian service sector during August. The ongoing coronavirus pandemic 2019 (COVID-19) restrictions continued to adversely impact client demand and business operations. On the global front; pound fell against the dollar on Thursday, extending its losses on a combination of dollar strength and weak domestic factors: the long-term damage to Britain's economy from the coronavirus and a lack of progress in Brexit negotiations.
Finally, the rupee ended at 73.47, 44 paise weaker from its previous close of 73.03 on Wednesday. The currency touched a high and low of 73.13 and 72 .90 respectively. The reference rate for the dollar stood at 73.01 and for Euro stood 86.89 on September 02, 2020. While the reference rate for the Yen stood at 68.85, the reference rate for the Great Britain Pound (GBP) stood at 97.60.
Company Name | CMP |
---|---|
Tata Chemicals | 1114.90 |
SRF | 2632.75 |
Pidilite Inds. | 2918.00 |
Aarti Inds | 753.70 |
Gujarat Fluorochemic | 3666.00 |
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