News Analysis

Rupee ends unchanged on Thursday

Updated on 10 October 2019 05:26 PM

Indian rupee ended unchanged compared to its previous close, as investors remained cautious ahead of U.S.-China trade talks. Some concern also came as Moody’s Investors Service cut India’s gross domestic product (GDP) growth forecast for 2019-20 to 5.8% from the earlier estimate of 6.2%. It attributed the deceleration to an investment-led slowdown that has broadened into consumption, driven by financial stress among rural households and weak job creation. Besides, a weak trend at Dalal Street weighed on the local unit. On the global front, US dollar was on track for its biggest daily drop in five weeks on Thursday against its rivals as the prospects of a partial trade deal between China and the United States fuelled appetite for trade-oriented currencies such as the euro and the Australian dollar.

Finally, the rupee ended unchanged from its previous close of 71.07 on Wednesday. The currency touched a high and low of 71.15 and 70.87 respectively. The reference rate for the dollar stood at 71.11 and for Euro stood at 77.92 on October 9, 2019. While the reference rate for the Yen stood at 66.35, the reference rate for the Great Britain Pound (GBP) stood at 86.79.