Indian rupee ended marginally weaker against the US dollar on Friday, on increased demand for the greenback from importers and banks. Traders were worried as Centre for Monitoring Indian Economy stated that the unemployment rate in India has shot up in the first two weeks of April and the monthly unemployment rate is likely to be close to 8% compared to 6.5% in March with lower absorption of labour in the market. However, lower side remained capped, in order to pump up liquidity, the Reserve Bank of India (RBI) is going to conduct a one-day ‘Open Market Operations’ (OMO) on May 6 to simultaneous purchase and sell government securities. On the global front; dollar skidded towards a fourth straight weekly decline and its longest weekly streak of losses since last July against a basket of major peers on Friday, as the Federal Reserve stuck to its message of ultra-low interest rates for longer.
Finally, the rupee ended 74.09, weaker by 2 paise from its previous close of 74.07 on Thursday. The currency touched a high and low of 74.12 and 74.09 respectively.
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