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Rupee ends weaker on dollar strength overseas
Jan-18-2019

Indian rupee ended weaker against the US dollar on Friday, on the back of consistent demand for the greenback from state-run banks and importers. Investors failed to get solace with India Ratings and Research’s report that the country’s economy is likely to grow a tad higher at 7.5 per cent in 2019-20 on account of steady improvement in major sectors -- industry and services. It further said Gross Domestic Product (GDP) growth would have been even better but for the global headwinds caused by an abrupt rise in crude oil prices and strengthening of the US dollar, among other factors. Besides, stronger dollar sentiment overseas along with lackluster trade in the equity markets predominantly pressurized the local unit. On the global front, dollar was firm against the yen on Friday as growing optimism on progress in Sino-US trade talks supported broader appetite for risk.

Finally, the rupee ended at 71.19, 16 paise weaker from its previous close of 71.03 on Thursday. The currency touched a high and low of 71.24 and 71.05 respectively. The reference rate for the dollar stood at 71.14 and for Euro stood at 81.06 on January 18, 2019. While the reference rate for the Yen stood at 65.04, the reference rate for the Great Britain Pound (GBP) stood at 92.29.

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