Indian rupee ended significantly weaker against the Greenback on Tuesday, following fresh demand for the US currency from banks and importers to meet the month end dollar demand. Sentiments weakened with private report indicating that high oil prices are hurting consumers and could also have adverse implications for producers. Major emerging Asian economies such as India and Indonesia have been hit hard this year by rising crude oil prices. Besides, a weak trend at Dalal Street coupled with US dollar’s gain against other currencies overseas weighed on the local unit. On the global front, dollar remained firm against its rivals, supported by a safe haven bid as rising trade tensions and fears of a slowdown in global economic growth weighed on investors' appetite for risk assets.
Finally, the rupee ended at 73.68, 23 paise weaker from its previous close of 73.45 on Monday. The currency touched a high and low of 73.70 and 73.52 respectively. The reference rate for the dollar stood at 73.57 and for Euro stood at 83.71 on October 30, 2018. While the reference rate for the Yen stood at 65.28, the reference rate for the Great Britain Pound (GBP) stood at 94.18. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
