In line with equity market, Indian rupee ended almost flat against dollar on Wednesday, amid strengthening American currency and rising crude prices. Traders remained on sidelines ahead of upcoming Union Budget. Some concern also came with report that the United States and China launch a critical round of trade talks amid deep differences over US demands for structural economic reforms from Beijing that will make it difficult to reach a deal before a March 2 US tariff hike. However, losses remained capped as traders found some support with the annual index releasing by an anti-graft watchdog that India has improved its ranking on a global corruption index in 2018, while its neighbour China lagged far behind. On the global front, pound nursed losses on Wednesday on fresh concerns about the possibility of a 'no-deal' Brexit, while the dollar held steady ahead of the Federal Reserve's policy decision.
Finally, the rupee ended at 71.12, 1 paise weaker from its previous close of 71.11 on Tuesday. The currency touched a high and low of 71.36 and 71.11 respectively. The reference rate for the dollar stood at 71.24 and for Euro stood at 81.53 on January 30, 2019. While the reference rate for the Yen stood at 65.20, the reference rate for the Great Britain Pound (GBP) stood at 93.28.
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