The Indian rupee erased two day’s winning streak and ended lower on Friday amid weak domestic equities and unabated foreign fund outflows.
At the interbank foreign exchange market, the local unit opened at 74.30 against the dollar and witnessed an intra-day high of 74.27 and a low of 74.44 during the session.
The local unit ended at 74.42/$, down 13 paise over its last close.
On the domestic front, the BSE Sensex ended 66 points, or 0.13% lower at 52,587 levels, while Nifty50 settled at 15,763 levels, down 15 points.
On the economy front, the International Monetary Fund slashed India's economic growth forecast, its chief economist Gita Gopinath has stated that a third wave of the pandemic will likely result in another dive in India's economic growth story. She further stated that the third wave also puts India at risk for another downgrade.
On the third wave, Gopinath in the interview said, "a third wave, if it leads to less mobility, will put India at risk of another downgrade."
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