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Rupee ends weaker on dollar strength overseas
Apr-22-2019

Indian rupee ended weaker against the US dollar on Monday, as surging oil prices stoked fiscal slippage and inflationary concerns. Traders remained concerned with a private report stating that the business sentiments continue to decline for the country's financial and macro-economic conditions in the second quarter of the year compared to the same period a year before. As per the report, Composite Business Optimism Index stands at 78.4 during Q2 2019 as against 85.0 during Q2 2018 marking a 7.7% decline. Moreover, sharp fall in equities along with dollar’s strength against major global currencies overseas too affected the rupee. On the global front, dollar drifted higher against euro and British pound on Monday, supported by the relative strength of the US economy, though moves remained small as many investors were still away for the long Easter weekend.

Finally, the rupee ended at 69.67, 32 paise weaker from its previous close of 69.35 on Thursday. The currency touched a high and low of 69.88 and 69.50 respectively. The reference rate for the dollar stood at 69.74 and for Euro stood at 78.40 on April 22, 2019. While the reference rate for the Yen stood at 62.32, the reference rate for the Great Britain Pound (GBP) stood at 90.63.

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