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Rupee concludes substantially weaker against dollar

26 Oct 2020 Evaluate

Continuing previous session losses, Indian rupee concluded substantially weaker against dollar on Monday as muted domestic equities and strong American currency weighed on investors’ sentiment. Sentiments remained fragile as PHD Chamber of Commerce and Industry (PHDCCI) has stated that it expects India's GDP to contract by 7.9 per cent in the current financial year (FY21) and grow by 7.7 per cent in FY22, assessing that the worst is over and the economy is on the verge of a slow recovery. On the global front, dollar found support on Monday, as surging coronavirus cases in Europe and the United States and a lack of progress toward a U.S. stimulus package put traders in a cautious mood, although hopes for a Brexit trade deal held sterling steady.

Finally, the rupee ended at 73.84, 23 paise weaker from its previous close of 73.61 on Friday. The currency touched a high and low of 73.88 and 73.69 respectively. The reference rate for the dollar stood at 73.57 and for Euro stood 86.77 on October 23, 2020. While the reference rate for the Yen stood at 70.26, the reference rate for the Great Britain Pound (GBP) stood at 96.05.

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