Indian rupee ended lower against US dollar on Thursday on account of sustained demand for dollar from banks and importers and rising crude oil prices. Sentiments remained down-beat with the Controller General of Accounts (CGA) data showing that the government's fiscal deficit touched Rs 4.32 trillion for the June quarter, which is 61.4 per cent of the budget estimate for 2019-20 fiscal. In absolute terms, the fiscal deficit, the gap between expenditure and revenue, was Rs 4.32 trillion at June-end. The domestic currency was also weighed down by dollar's strengthen against some other currencies overseas along with sharp losses in the local equities. On the global front, dollar jumped to two-year highs as the U.S. Federal Reserve rattled markets by signaling that its first rate cut in more than a decade was not the start of a lengthy easing cycle.
Finally, the rupee ended at 69.06, 26 paise weaker from its previous close of 68.79 on Wednesday. The currency touched a high and low of 69.20 and 69.01 respectively. The reference rate for the dollar stood at 68.85 and for Euro stood at 76.84 on July 31, 2019. While the reference rate for the Yen stood at 63.43, the reference rate for the Great Britain Pound (GBP) stood at 83.73.
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