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Rupee ends considerably weaker along with equities
Nov-08-2019

Indian rupee ended considerably weaker against the US dollar on Friday, on fresh bouts of dollar demand from importers. Investors remain concerned as Moody's Investors Service cut India's credit rating outlook to negative from stable, citing a growing debt burden and the government's struggle to narrow the budget deficit. It said the country’s economic growth will remain ‘materially lower than in the past’. Also, heavy selling in domestic equities along with dollar’s strength against major global currencies overseas kept pressure on the Indian rupee. On the global front, euro held steady on Friday, though flirting with a three-week low against the dollar as the U.S. currency benefited from news that China and the U.S. had agreed to roll back tariffs as part of a potential preliminary pact to end their trade war.

Finally, the rupee ended at 71.28, 31 paise weaker from its previous close of 70.97 on Thursday. The currency touched a high and low of 71.33 and 71.16 respectively. The reference rate for the dollar stood at 71.00 and for Euro stood at 78.55 on November 7, 2019. While the reference rate for the Yen stood at 65.30, the reference rate for the Great Britain Pound (GBP) stood at 91.24.

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