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 Commerce and Industry Minister Suresh Prabhu’s statement that no country can benefit from the decline in the world trade, and the slowing global economy is a concern for all nations including India. The rupee’s losses were also caused by late hour sell-off in domestic equity markets along with a firm dollar against some currencies overseas. On the global front, dollar edged higher on Wednesday as a rally on Wall Street boosted risk appetite, although gains were capped before the release of Fed minutes later in the day.
Finally, the rupee ended at 73.61, 13 paise weaker from its previous close of 73.48 on Tuesday. The currency touched a high and low of 73.67 and 73.37 respectively. The reference rate for the dollar stood at 73.48 and for Euro stood at 84.98 on October 17, 2018. While the reference rate for the Yen stood at 65.47, the reference rate for the Great Britain Pound (GBP) stood at 96.86. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
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