HOME > MARKETS > DEBT MARKET
  DEBT MARKET
MONEY MARKETS
Rupee loses ground for third straight session
Apr-16-2019

Indian rupee continued to slide against the American currency for the third day on Tuesday, on increased demand for the greenback from importers and banks. Investors failed to get solace with the Meteorological Department stating that India is likely to receive average monsoon rains this year. The forecast raised expectations of higher farm income. Traders even overlooked the government data showing that India's exports grew by 11% to $32.55 billion in March on account of higher growth in sectors including pharma, chemicals and engineering. Imports rose by 1.44% to $43.44 billion during the month. However, trade deficit narrows to $10.89 billion as compared to $13.51 billion in the same month last year. On the global front, dollar edged up against a basket of its key rivals on Tuesday with investors erring on the side of caution as they looked for more concrete signs of stabilisation in the global economy.

Finally, the rupee ended at 69.60, 17 paise weaker from its previous close of 69.42 on Monday. The currency touched a high and low of 69.69 and 69.47 respectively. The reference rate for the dollar stood at 69.57 and for Euro stood at 78.64 on April 16, 2019. While the reference rate for the Yen stood at 62.16, the reference rate for the Great Britain Pound (GBP) stood at 91.08.

  RELATED NEWS >>