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Rupee ends tad higher on Friday
Oct-11-2019

Indian rupee pared most of its early gains but still ended marginally higher against dollar on Friday, driven by weakening of the greenback in overseas markets. Traders found some solace with Union Finance Minister Nirmala Sitharaman’s statement that the government is giving sector-specific solutions to fight the slowdown in economic growth. But most of the gains were trimmed as anxiety remained among the traders with India Ratings and Research (Ind-Ra) slashing the country’s gross domestic product (GDP) forecast for current fiscal year (FY20) to 6.1% for the second time in two months. Traders were also looking forward to the index of industrial production (IIP) data for August scheduled to be announced after the market hours. On the global front, Pound rose against the Dollar for a second consecutive session Friday after British and Irish Prime Ministers said they can see a path toward a long elusive Brexit deal, prompting Deutsche Bank to walk away from a bet against Sterling, which is also benefiting from hopes of a deal between the U.S. and China.

Finally, the rupee ended at 71.02, 5 paise stronger from its previous close of 71.07 on Thursday. The currency touched a high and low of 71.08 and 70.80 respectively. The reference rate for the dollar stood at 71.05 and for Euro stood at 78.05 on October 10, 2019. While the reference rate for the Yen stood at 66.10, the reference rate for the Great Britain Pound (GBP) stood at 86.85.

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