Indian rupee ended marginally lower against US dollar on Wednesday, due to fresh demand for the American currency from banks and importers. Traders remained concerned with Moody’s Investors Service’s statement that weak growth prospects for India will complicate the government's fiscal consolidation efforts, weighing on the sovereign's credit quality. Some concern also came with a private report showing that India's retail inflation is likely reached an eight-month high in June on rising food prices, but stayed under the Reserve Bank of India's medium-term target of 4% for an eleventh straight month. 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 edged toward a three-week high against a basket of major currencies on Wednesday, as an unwinding of bets on deep US interest rate cuts pushed Treasury yields higher.
Finally, the rupee ended at 68.58, 7 paise weaker from its previous close of 68.51 on Tuesday. The currency touched a high and low of 68.67 and 68.48 respectively. The reference rate for the dollar stood at 68.73 and for Euro stood at 77.04 on July 09, 2019. While the reference rate for the Yen stood at 63.18, the reference rate for the Great Britain Pound (GBP) stood at 85.87.
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