Indian rupee ended marginally lower against dollar on Wednesday, due to fresh demand for the American currency from banks and importers and rising crude oil prices. Trading sentiments remained subdued with report that the International Monetary Fund (IMF) projected a slower growth rate for India in 2019 and 2020, a downward revision of 0.3 per cent for both the years, saying its GDP will now grow respectively at the rate of 7 and 7.2 per cent reflecting a weaker-than expected outlook for domestic demand. Though, it also said India will still be the fastest growing major economy of the world and much ahead of China. Besides, poor performance of the domestic equity market affected the rupee. On the global front, euro fell to a two-month low against the dollar on Wednesday, hit by weak economic data and speculation that the European Central Bank may open the door to aggressive monetary policy easing as soon as this week.
Finally, the rupee ended at 68.98, 4 paise weaker from its previous close of 68.94 on Tuesday. The currency touched a high and low of 69.10 and 68.95 respectively. The reference rate for the dollar stood at 68.99 and for Euro stood at 77.20 on July 23, 2019. While the reference rate for the Yen stood at 63.80, the reference rate for the Great Britain Pound (GBP) stood at 85.93.
