Indian rupee ended lower against US dollar on Wednesday, due to higher demand for the greenback from importers. Traders remain concerned with Care Ratings’ latest report warning that a spike in crude oil prices by 10 percent owing to the US sanctions on Iranian crude exports can result in a 0.40 percent widening of the current account deficit (CAD), which can subsequently play out into a 3-4 percent fall in the rupee and also push up inflation by 0.24 percent. A strengthening US dollar against major global currencies also affected rupee's trading pattern. However, an encouraging rally in domestic equities along with easing crude oil prices - after hitting 2019 highs recently - kept the downside in check. On the global front, euro fell towards a one-month low on Wednesday as the contrast between solid economic data in the United States and souring confidence measures in the euro zone kept the dollar supported near 22-month highs.
Finally, the rupee ended at 69.86, 24 paise weaker from its previous close of 69.62 on Tuesday. The currency touched a high and low of 69.97 and 69.75 respectively. The reference rate for the dollar stood at 69.90 and for Euro stood at 78.33 on April 24, 2019. While the reference rate for the Yen stood at 62.53, the reference rate for the Great Britain Pound (GBP) stood at 90.34.
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