Indian rupee staged a recovery after two sessions of decline and ended higher against dollar on Wednesday, on fresh selling of the American currency by banks and exporters. Traders took a note of the Retirement fund body, Employment Provident Fund Organisation’s (EPFO) latest ‘Provisional Estimate of Net Payroll’ data report showed that India created 12,23,675 new jobs in the month of June 2019 as against 8,56,870 in May 2019. However, gains remain capped as cautiousness remained in markets with a private report stating that India's economic growth is set to slow further in the April-June quarter of this year to 5.7 per cent amid contraction in consumption, weak investments and an under-performing service sector. On the global front, euro struggled to make headway against a resilient dollar on Wednesday while foreign exchange markets remained largely calm ahead of a crucial meeting of central bankers later this week.
Finally, the rupee ended at 71.55, 16 paise stronger from its previous close of 71.71 on Tuesday. The currency touched a high and low of 71.65 and 71.36 respectively. The reference rate for the dollar stood at 71.64 and for Euro stood at 79.36 on August 20, 2019. While the reference rate for the Yen stood at 67.27, the reference rate for the Great Britain Pound (GBP) stood at 86.78.
