Erasing previous sessions gaining momentum; Indian rupee ended lower against dollar on Friday, on account of sustained dollar demand from importers and banks. Traders got cautious, as the coronavirus disease (COVID-19) pandemic's resurgence in recent months has dampened investors’ sentiment in emerging East Asia even as accommodative policy stances have kept financial conditions stable, according to the latest issue of the Asian Development Bank's (ADB) Asia Bond Monitor. However, downfall remained capped as union Minister Piyush Goyal said the commerce ministry is trying to ease norms for Special Economic Zones (SEZs) and make it simpler for units to exit these areas. The ministry is also looking at ways for partial de-recognition of existing SEZs so that areas which have no more demand can be used for industrial or other purposes. Also, Piyush Goyal asked bankers to be more liberal on aspects like exchange rates while serving the exporters segment. On the global front; dollar hovered above a one-week low versus major peers on Friday, taking a breather after its biggest drop in almost a month overnight, as questions lingered about the fate of property developer China Evergrande Group.
Finally, the rupee ended 73.68, weaker by 4 paise from its previous close of 73.64 on Thursday. The currency touched a high and low of 73.78 and 73.61 respectively.
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