Rupee settles 14 paise lower against USD

Indian rupee ended weaker against the US dollar on Friday due to fresh dollar demand from banks and importers. Investors remained concerned with Reserve Bank of India Governor Shaktikanta Das’ statement that the Indian economy has been clearly losing traction and needs a decisive monetary policy to promote growth.

Besides, the dollar's strength against some currencies overseas and subdued sentiments in domestic equity markets weighed on the domestic currency. On the global front, dollar showed signs of a modest bounce on Friday on a weaker-than-expected business survey from Japan and persistent fears of conflict between the US and Iran.

Today, the Indian rupee closed at 69.58, 14 paise lower as against its previous close of 69.44 on Thursday. The currency touched a low and high of 69.76 and 69.52, respectively. The reference rate for the dollar stood at 69.56 and for euro stood at 78.47 on June 20, 2019, while the reference rate for the Japanese yen stood at 64.69 and the reference rate for the Great Britain pound stood at 88.37.