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Rupee tumbles against greenback on Friday

11 Sep 2020 Evaluate

Indian rupee ended lower against dollar on Friday, on account of sustained dollar demand from importers and banks. Sentiments remained impacted as Ratings agency Crisil in its latest report has sharply lowered its forecast for India's gross domestic product (GDP) growth for the current fiscal 2020-21 (FY21) to (-) 9 percent as against its earlier estimate of (-) 5 percent projected in May, as the coronavirus infections are yet to peak and the government is not providing adequate direct fiscal support. Traders took note of report that India-US limited trade deal may be signed after elections there, Commerce and Industry Minister Piyush Goyal said India has given America a very good, very balanced offer for the agreement. On the global front; pound rose against the dollar on Friday, bobbing above the $1.28 mark after a week in which new Brexit friction between Britain and the European Union put the currency on track for its worst week since March's coronavirus-led market selloff.

Finally, the rupee ended at 73.53, 7 paise weaker from its previous close of 73.46 on Thursday. The currency touched a high and low of 73.61 and 73.40 respectively. The reference rate for the dollar stood at 73.35 and for Euro stood 86.77 on September 10, 2020. While the reference rate for the Yen stood at 69.14, the reference rate for the Great Britain Pound (GBP) stood at 95.50.

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