In line with equity market, the Indian rupee ended lower against US dollar on Wednesday, due to fresh demand for the American currency from banks and importers. Traders remained cautious with report that India’s import bill of crude oil and petroleum products swelled 57% to $12.73 billion in June as compared to the same month last year. Some anxiety also spread among the local traders with a private study report pointing out discrepancies in FDI data and also suggested that the RBI should regenerate foreign fund inflows and outflows data with detailed information at least for the past five years with a view to providing a more realistic picture of overseas investments. The fall in the rupee was also triggered by dollar’s strength against major global currencies overseas. On the global front, euro fell and yen slid to a six-month low on Wednesday as the dollar extended its rally following bullish comments from U.S. Federal Reserve Chairman Jerome Powell about the strength of the U.S. economy.
Finally, the rupee ended at 68.62, 16 paise weaker from its previous close of 68.46 on Tuesday. The currency touched a high and low of 68.64 and 68.32 respectively.
