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Rupee down for third straight session
Jun-17-2019

Continuing its downward slide for the third day in a row, Indian rupee ended weaker against dollar on Monday, on continued demand for the American unit. Traders remain concerned about India Meteorological Department stating that the overall monsoon deficiency in the country has reached 43 per cent due to its sluggish pace. Some cautiousness also came in with report that the continuing of high crude and gold imports pushed India’s trade deficit to a six-month high of $15.36 billion in May. Besides, India's exports grew by 3.93 per cent to $30 billion in May on account of healthy growth in sectors such as chemicals, pharmaceuticals and engineering, while imports too rose by 4.31 per cent to $45.35 billion in May. Rising crude oil prices and heavy selling in domestic equities also kept pressure on the Indian Rupee. On the global front, U.S. dollar rose to a two-week high on Monday as strong economic data led investors to think again about how dovish the Federal Reserve is likely to sound at this week’s meeting.

Finally, the rupee ended at 69.91, 11 paise weaker from its previous close of 69.80 on Friday. The currency touched a high and low of 69.94 and 69.75 respectively. The reference rate for the dollar stood at 69.56 and for Euro stood at 78.43 on June 14, 2019. While the reference rate for the Yen stood at 64.23, the reference rate for the Great Britain Pound (GBP) stood at 88.19.

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