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Rupee ends marginally lower against dollar
Jan-16-2020

Erasing all of its initial gains, Indian rupee ended marginally lower against dollar on Thursday, due to fresh demand for the American currency from banks and importers. Traders remain concerned with Former finance secretary Subhash Garg’s statement that India's real fiscal deficit in FY20 is likely to be higher at 4.5-5% of GDP due to an expected shortfall in revenue, and higher spending. Some concern also came as India’s merchandise exports contracted by 1.80% in December 2019 as compared to same period of last year, on account of a significant fall in shipments of plastic, gems and jewellery, leather products and chemicals. Besides, lackluster trade in local equity markets weighed on the rupee. On the global front, dollar gave a little ground to riskier Asian currencies on Thursday, as investors hoped the Sino-U.S. trade deal could herald warmer relations between the world's two biggest economies and help to revive global growth.

Finally, the rupee ended at 70.93, 11 paise weaker from its previous close of 70.82 on Wednesday. The currency touched a high and low of 70.98 and 70.75 respectively. The reference rate for the dollar stood at 70.87 and for Euro stood at 78.90 on January 15, 2020. While the reference rate for the Yen stood at 64.47, the reference rate for the Great Britain Pound (GBP) stood at 92.37.

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