Indian rupee continued its fall for the third day in a row against the US currency on Wednesday, on increased demand for the American unit from importers. The weakness of the rupee comes amid a strong dollar overseas and a rise in crude oil prices on expectations that an OPEC-led output cut for 2019 would stabilise the supply-demand balance. Market participants paid no heed towards Asian Development Bank (ADB) retaining Indian growth forecast at 7.3 percent for the current fiscal and 7.6 percent for the next financial year 2019-20, amid rebounding exports and higher industrial & agricultural output. On the global front, dollar rose for a third consecutive day on Wednesday as U.S. Treasury yields rose before a Federal Reserve meeting where it is widely expected to raise interest rates for the fourth time this year.
Finally, the rupee ended at 72.01, 16 paise weaker from its previous close of 71.85 on Tuesday. The currency touched a high and low of 72.17 and 71.87 respectively. The reference rate for the dollar stood at 72.04 and for Euro stood at 81.59 on December 12, 2018. While the reference rate for the Yen stood at 63.50, the reference rate for the Great Britain Pound (GBP) stood at 90.03.
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