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Rupee snaps 3-day winning streak; macro-economic data eyed
Apr-12-2019

Snapping 3-day winning streak, Indian rupee ended weaker against the American currency on Friday, as demand for the American unit from importers and banks picked up. Traders remain concerned ahead of index of industrial production (IIP) data for February and inflation numbers for March to be released later in the day. Some pessimism also came in after 108 economists and former RBI Governor Raghuram Rajan, International Monetary Fund’s (IMF) Chief Economist Gita Gopinath expressed doubt over India's growth rate, saying that there are still some issues with the way India calculates it. However, last hour recovery in local equity markets coupled with dollar losing sheen against some other currencies overseas restricted the local unit’s further down move. On the global front, euro rose sharply on Friday in a move dealers said may have been driven by anticipated currency demand arising from a Japanese bank’s plans to purchase a German multi-billion dollar aviation finance business.

Finally, the rupee ended at 69.17, 25 paise weaker from its previous close of 68.92 on Thursday. The currency touched a high and low of 69.38 and 69.02 respectively. The reference rate for the dollar stood at 69.32 and for Euro stood at 78.23 on April 12, 2019. While the reference rate for the Yen stood at 61.99, the reference rate for the Great Britain Pound (GBP) stood at 90.55.

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