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|06 December, 2018

Fitch sees Indian rupee weakening to 75 against dollar by end-2019

The currency fell to a two-week low of 71.04 against the dollar in early trade on Thursday

A customer hands currency notes to an attendant at a fuel station in Mumbai, August 13, 2018.

A customer hands currency notes to an attendant at a fuel station in Mumbai, August 13, 2018.

REUTERS/Francis Mascarenhas

NEW DELHI - Fitch Ratings said on Thursday it expects the Indian currency to weaken to 75 rupees against the U.S. dollar by the end of next year on a widening current account deficit and tighter global financing conditions.

Despite a few recent advances, the rupee is on track for its worst yearly performance in five years in 2018 and a Reuters poll on Wednesday had forecast it to weaken further as uncertainty builds, heading into national elections due by May.

The currency fell to a two-week low of 71.04 against the dollar in early trade on Thursday, mimicking most Asian currencies.

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(Reporting by Malini Menon; Editing by Sanjeev Miglani)

© Reuters News 2018