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Rupee concludes substantially weaker against dollar
Jul-07-2020

Tumbling for the second straight day, Indian rupee concluded substantially weaker against dollar on Tuesday, on account of sustained dollar demand from importers and banks. Besides, dollar firmness against some global currencies also weighed on the rupee sentiment. Sentiments remained down-beat with India Ratings and Research’s report stating that that the impact of Covid-19 and the associated policy response may result in an additional Rs 1.67 lakh crore of debt from the top 500 debt-heavy private sector borrowers turning delinquent between FY21 and FY22. On the global front; dollar took a breather from recent gains on Tuesday with investors hitting pause on an equity market rally, as new coronavirus flare-ups and regional lockdowns in some countries curbed buying and lifted the dollar.

Finally, the rupee ended at 74.93, 25 paise weaker from its previous close of 74.68 on Monday. The currency touched a high and low of 74.97 and 74.68 respectively. The reference rate for the dollar stood at 74.68 and for Euro stood at 84.31 on July 06, 2020. While the reference rate for the Yen stood at 69.35, the reference rate for the Great Britain Pound (GBP) stood at 93.35.

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