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Rupee ends weaker for second straight session
Feb-14-2019

Extending losses for the second day in a row, Indian rupee ended considerably weaker against the US dollar on Thursday, due to increased demand of the greenback from the importers and the banks. Investors failed to get solace with data showing that Wholesale prices in India eased to 2.76 percent in January, as compared to 3.80 percent in December, due to cheaper food and fuel prices. Wholesale inflation, measured by the Wholesale Price Index (WPI), grew 3.02 percent in January 2018. The weak trade in the local equity market along with dollar’s strength against major global currencies overseas hit the sentiment of the domestic currency. On the global front, dollar held near 3-month highs against the euro on Thursday, benefiting from sustained strength in core US inflation and weak data out of Europe.

Finally, the rupee ended at 71.16, 36 paise weaker from its previous close of 70.80 on Wednesday. The currency touched a high and low of 71.18 and 70.79 respectively. The reference rate for the dollar stood at 70.94 and for Euro stood at 79.99 on February 14, 2019. While the reference rate for the Yen stood at 63.88, the reference rate for the Great Britain Pound (GBP) stood at 91.27.  

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