Indian rupee ended marginally weaker against the US dollar on Wednesday, due to increased demand of the greenback from the importers and the banks. Traders failed to take support with reports that the Department for Promotion of Industry and Internal Trade (DPIIT) has kick-started an exercise to relax India’s foreign direct investment (FDI) norms. The department held an inter-ministerial meeting to discuss further opening up in sectors, especially where 100% FDI is not allowed on the automatic route. However, positive trend in equity market along with dollar losing muscle against other currencies overseas helped in restricting the slide in the Indian unit. On the global front, dollar was steady against other major currencies on Wednesday as investors braced for a rate cut by the U.S. Federal Reserve and an advance reading of economic growth in the third quarter that could shed light on the rate outlook.
Finally, the rupee ended at 70.90, 6 paise weaker from its previous close of 70.84 on Tuesday. The currency touched a high and low of 71.03 and 70.86 respectively. The reference rate for the dollar stood at 70.73 and for Euro stood at 78.44 on October 29, 2019. While the reference rate for the Yen stood at 64.90, the reference rate for the Great Britain Pound (GBP) stood at 90.91.
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