Indian rupee ends tad lower against dollar

Indian rupee ended marginally weaker against the US dollar on Friday, on increased demand for the greenback from importers and banks. Losses in equity markets also created pressure on domestic currency. However, downfall remained capped with Piyush Goyal’s statement that all indicators, including GDP, foreign direct investment (FDI) inflows and exports growth, are pointing towards a clear and sharp economic recovery in the country. Meanwhile, Union Minister Hardeep Singh Puri has exuded confidence that India will become a $5-trillion economy by 2024-25 and $10-trillion by 2030. On the global front; pound dipped slightly on Friday after weaker-than-expected retail sales numbers but remained close to recent highs after recent survey data and policymaker comments underlined the threat of further inflationary pressure.

Finally, the rupee ended 74.90, weaker by 3 paise from its previous close of 74.87 on Thursday. The currency touched a high and low of 74.94 and 74.69 respectively.