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Rupee down for third straight session
Feb-15-2019

Continuing its downward slide for the third day in a row, Indian rupee ended weaker against dollar on Friday, on continued demand for the American unit. Traders remained concerned with the economic research wing of SBI stating that it is erroneous to come to a conclusion of heightened economic activity using the jump in currency in circulation (CIC). It estimated that cash in the economy at Rs 20.4 lakh crore, stressing the rural economy continues to be depressed. However, local unit cut most of their losses, as traders found some support with Chief Economic Adviser K V Subramanian’s statement that the economic growth is expected to accelerate to 7.5% in next financial year (FY20), from 7.2% projected for the current financial year (FY19). He further stated in the last four years the GDP growth rate has been 7.3% that was highest across all government since liberalization. On the global front, dollar weakened against yen on Friday as dismal United States (US) retail sales data reinforced expectations Federal Reserve rates will not rise this year, while investor focus shifted to trade talks between Washington and Beijing.

Finally, the rupee ended at 71.23, 7 paise weaker from its previous close of 71.16 on Thursday. The currency touched a high and low of 71.44 and 71.19 respectively. The reference rate for the dollar stood at 71.25 and for Euro stood at 80.41 on February 15, 2019. While the reference rate for the Yen stood at 64.55, the reference rate for the Great Britain Pound (GBP) stood at 91.22.  

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