Indian rupee pared all of its gains and ended marginally weaker against dollar on Tuesday, due to fresh demand for the American currency from banks and importers. Investors were worried with former Union finance minister Yashwant Sinha's statement that a contraction in demand and reluctance to invest are key reasons for the current slowdown in the Indian economy, which grew at its slowest pace in over six years in the June quarter. Lackluster trade in the equity markets also affected the rupee value. On the global front, euro nursed losses on Tuesday after weak readings on German manufacturing rattled confidence, while the dollar found broad support as investors looked for signs of progress from Sino-US trade negotiations.
Finally, the rupee ended at 71.01, 7 paise weaker from its previous close of 70.94 on Monday. The currency touched a high and low of 71.05 and 70.70 respectively. The reference rate for the dollar stood at 70.92 and for Euro stood at 78.18 on September 23, 2019. While the reference rate for the Yen stood at 65.83, the reference rate for the Great Britain Pound (GBP) stood at 88.47.
