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Rupee ends weaker against dollar on Friday
Dec-14-2018

Reversing previous session’s gains, Indian rupee ended weaker against dollar on Friday, on increased demand for the US currency from importers. Traders remain concerned about global credit ratings agency Moody’s statement that liquidity constraints faced by some non-bank financial institutions (NBFIs) will likely tighten overall credit supply and slow India’s economic growth rate to just above 7% for the fiscal 2019 and 2020. In addition, any further distress in the Indian NBFI sector will pose significant downside risks to India's growth outlook. Also, the dollar’s strength against its rival currencies overseas put pressure on the rupee. On the global front, euro fell on Friday as the euro zone economy showed more signs it’s beginning to sputter, while the dollar made some headway as investors turned nervous about a slowdown in China.

Finally, the rupee ended at 71.90, 22 paise weaker from its previous close of 71.68 on Thursday. The currency touched a high and low of 72.04 and 71.70 respectively. The reference rate for the dollar stood at 71.73 and for Euro stood at 81.46 on December 14, 2018. While the reference rate for the Yen stood at 63.20, the reference rate for the Great Britain Pound (GBP) stood at 90.58.

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