Indian rupee ended lower against US dollar on Thursday on account of sustained demand for dollar from banks and importers. Sentiments remained down-beat with Asian Development Bank lowering India's Gross Domestic Product (GDP) growth forecast to 7 per cent for the current year on the back of fiscal shortfall concerns. Besides, subdued sentiments in domestic equity markets weighed on the domestic currency. However, downside remain capped as some support came with International Monetary Fund’s (IMF) report that easing business climate and relaxing trade related norms will help India attract foreign investors and improve the current account deficit situation. On the global front, dollar slipped for a second day against its rivals on Thursday on the back of softer U.S. Treasury yields after weak housing data as investors geared up for a policy meeting next week where officials are set to cut interest rates for the first time in a decade.
Finally, the rupee ended at 68.97, 14 paise weaker from its previous close of 68.82 on Wednesday. The currency touched a high and low of 69.00 and 68.73 respectively. The reference rate for the dollar stood at 68.80 and for Euro stood at 77.14 on July 17, 2019. While the reference rate for the Yen stood at 63.60, the reference rate for the Great Britain Pound (GBP) stood at 85.39.
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