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Rupee snaps 4-day gaining streak
Dec-03-2018

Snapping its four-day winning streak, Indian rupee ended considerably weaker against dollar on Monday, amid a spike in crude oil prices. Sentiments turned pessimistic with reports that India’s economic growth slowed down 7.1% in July-September quarter (Q2) of current fiscal year (FY19) after touching over a two-year high of 8.2% in April-June quarter (Q1), as consumption demand moderated and farm sector displayed signs of weakness. Some anxiety was also among the local traders with the Controller General of Accounts’ latest data report indicating that India’s fiscal deficit, the gap between expenditure and revenue, in the first seven months of current financial year (FY19) came in at Rs 6.24 lakh crore or 103.9% of the FY19 Budget target, on the back of lower revenue collections. On the global front, dollar weakened across the board on Monday as investor demand for riskier assets rose following the US-China truce.

Finally, the rupee ended at 70.46, 88 paise weaker from its previous close of 69.58 on Friday. The currency touched a high and low of 70.46 and 69.87 respectively. The reference rate for the dollar stood at 70.02 and for Euro stood at 79.58 on December 03, 2018. While the reference rate for the Yen stood at 61.69, the reference rate for the Great Britain Pound (GBP) stood at 89.50. The reference rates are based on 12 noon rates of a few select banks in Mumbai.

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