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Rupee extends weakness for second straight session
Nov-11-2019

Extending weakness for the second day, Indian rupee ended lower against dollar on Monday, as good demand for the greenback from importers. Traders remain concerned as a private report massively cut its GDP forecast for India to a low 4.9 percent for the year from 5.7 percent earlier, saying the economy is going through a deeper trough and even a sub-par recovery is at least a year away. Some concern also came with report that the US and Indian trade negotiators ended talks on Friday without making major progress on a range of disputes over tariffs and other protectionist measures imposed by both sides that are straining bilateral ties. Traders were also looking forward to the index of industrial production (IIP) data for September scheduled to be announced after the market hours. On the global front, euro held steady against the U.S. dollar on Monday after matching a four-week low earlier as the greenback maintained its gains on optimism that the United States and China would roll back tariffs that have hurt global growth.

Finally, the rupee ended at 71.47, 19 paise weaker from its previous close of 71.28 on Friday. The currency touched a high and low of 71.54 and 71.31 respectively. The reference rate for the dollar stood at 71.24 and for Euro stood at 78.73 on November 08, 2019. While the reference rate for the Yen stood at 65.21, the reference rate for the Great Britain Pound (GBP) stood at 91.26.

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