Erasing all of its initial gains, Indian rupee ended almost flat against dollar on Thursday, as rising crude oil prices kept investors edgy. Traders failed to take support with the Economist Intelligence Unit’s report stating that India and China are projected to see accelerated economic growth in the fourth quarter of this year, bucking trends in the US and the European Union. It added that the real GDP growth of India in the December-ending quarter is expected to be the highest among G7 and BRICS nations. In the third quarter, India's real GDP growth is estimated to be 1% on a quarter-on-quarter basis and is projected to rise to 2.20% in the fourth quarter. On the global front, euro gained on Thursday as the dollar weakened after the Federal Reserve cut interest rates for the third time this year and left open the question of whether it would cut them further.
Finally, the rupee ended at 70.92, 2 paise weaker from its previous close of 70.90 on Wednesday. The currency touched a high and low of 71.05 and 70.72 respectively. The reference rate for the dollar stood at 70.99 and for Euro stood at 78.89 on October 30, 2019. While the reference rate for the Yen stood at 65.23, the reference rate for the Great Britain Pound (GBP) stood at 91.35.
