The rupee ended at 69.80 to the dollar

The rupee ended at 69.80 to the dollar

14 Jun 2019 05:31 PM
 
The rupee ended at 69.80 to the dollar, its lowest since May. 30, against 69.51 at the previous close. The currency opened at yesterday’s close and fell sharply to 69.85 in late trade on dollar demand from large corporates and foreign banks. The unit was down 0.5% for the week, its biggest weekly decline since week ended May 10. Rupee’s movement for the week was dominated by offsetting forces that kept the pair’s movement limited in a range. However, the outlook suggests likely depreciation as we are witnessing the quantum of inflow shrinking in local shares, Despite hopes of an early Fed rate cut, revival in dollar index is another factor that can weigh on the rupee but behind the scenes it is the Fed rate cut bets that is aiding the local unit and should provide cushion at the crucial level of 70.50.

Recommended for you...