The dollar’s highest hit in almost 2 years halted on Friday but the decline is not major and the greenback is still strong.

While Italian stocks continued to sink against peers in Europe as the countdown to a referendum on constitutional reform in the country entered its final week.

Futures on Wall Street were up 0.2 percent.

Italian stocks, biggest loser this year across major markets globally, dropped even lower, taking their losses to more than 23 percent during the year. Concerns around non-performing loans have halved the value of Italy’s banks this year.

The Indian currency sank to record low against the dollar before having a slight recovery on Thursday as global funds sold Indian and other emerging market assets on rising expectations of a U.S. interest rate increase next month.

After hitting a record low of 68.86 per dollar in intra-day trading, breaching the 68.85 level it hit at the peak of the so-called taper tantrum in August 2013, the rupee closed at 68.75. It marked a fall of 0.27% from its previous day’s close of 68.57. Year to date, the rupee has fallen 3.8%.

Some analysts expect the local currency to hit a level between 70 and 72 per dollar in the near term in the belief that the Reserve Bank of India (RBI) would want to preserve its foreign exchange reserves.

The Japanese yen is up by 0.4% at 112.91 a dollar. Earlier, data showed that Japan’s headline CPI reading rose to 0.1% year-over-year in October, compared to the prior reading of -0.5%. However, the “core” CPI came in at -0.4%; this figure has been in the negative for eight months.

The euro is up by 0.4% at 1.0591 against the dollar.

The Russian ruble is down by 0.2% at 64.5929 per dollar, while Brent crude oil, the international benchmark, is down by 1.2% at $48.41 per barrel.

The British pound is little changed at 1.2437 against the dollar after the UK’s GDP growth came in at 0.5% in the third quarter, as expected.

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