Indian rupee ended marginally higher against dollar on Wednesday, as bankers and exporters took to selling of American currency. Sentiments were positive with Finance Minister Nirmala Sitharaman’s statement that the government is not underestimating the slow Gross Domestic Product (GDP) growth and has full focus on how it can rise in the next quarter. She also added that the government is trying to revive demand and consumption in the country. Besides, positive trend in equity market supported the rupee. However, further gains were restricted as some concern came with report that Fitch Ratings forecasted India's economic growth at 6.6% during the current year, down from 6.8% in the previous year, and said the government has only limited room to ease fiscal policy because of high debt. On the global front, Japanese yen fell on Wednesday as the rush into safe-haven assets during the summer continued to unwind on the back of rising risk appetite, while the euro paused before Thursday’s European Central Bank meeting.
Finally, the rupee ended at 71.66, 5 paise stronger from its previous close of 71.71 on Monday. The currency touched a high and low of 71.84 and 71.60 respectively. The reference rate for the dollar stood at 71.58 and for Euro stood at 78.93 on September 9, 2019. While the reference rate for the Yen stood at 66.98, the reference rate for the Great Britain Pound (GBP) stood at 87.82.
