Indian rupee ended marginally lower against US dollar on Wednesday, due to fresh demand for the American currency from banks and importers. Traders remained cautious as the Asian Development Bank (ADB) lowered India's gross domestic product (GDP) growth forecast to 6.5 percent for the current fiscal (FY20), weighed down by the GDP growth slipping to a six-year low in the April-June quarter of 2019-20. Heavy losses in the domestic equity market along with dollar’s strength against major global currencies overseas also weighed on the domestic unit. On the global front, dollar recovered on Wednesday after falling when a formal impeachment inquiry began against U.S. President Donald Trump, while the latest Sino-U.S. trade row hurt currencies correlated with global growth.
Finally, the rupee ended at 71.04, 3 paise weaker from its previous close of 71.01 on Tuesday. The currency touched a high and low of 71.14 and 70.98 respectively. The reference rate for the dollar stood at 70.84 and for Euro stood at 77.86 on September 24, 2019. While the reference rate for the Yen stood at 65.88, the reference rate for the Great Britain Pound (GBP) stood at 88.11.
