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Rupee ends marginally lower against dollar
Jun-04-2020

Indian rupee ended marginally lower against dollar on Thursday, due to fresh demand for the American currency from banks and importers. Traders remain concerned with Global credit ratings agency Moody's Investors Service stating that the quality of retail and small business loans will deteriorate, which account of 44 per cent of the total loans. Elaborating on the key drivers behind India's sovereign downgrade, it said that the risks to the financial system are rising. Investors were also anxious about rising number of coronavirus cases and its impact on the global as well as domestic economy. On the global front, dollar strengthened on Thursday, reversing its weakening trend of the past seven days, while the euro slipped ahead of a European Central Bank meeting at which policymakers could step up stimulus measures.

Finally, the rupee ended at 75.57, 10 paise weaker from its previous close of 75.47 on Wednesday. The currency touched a high and low of 75.62 and 75.38 respectively. The reference rate for the dollar stood at 75.32 and for Euro stood at 84.44 on June 3, 2020. While the reference rate for the Yen stood at 69.30, the reference rate for the Great Britain Pound (GBP) stood at 94.86.  

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