Indian rupee ended almost flat against dollar on Wednesday, as rising crude oil prices kept investors edgy. Traders failed to take support with Defence Minister Rajnath Singh’s statement that India is impacted to some extent by the global economic slowdown but expressed confidence that the country will come out of the difficult situation within a short time. Dollar’s strength against major global currencies overseas also weighed on the domestic unit. On the global front, US dollar strengthened across the board on Wednesday, rising against a battered euro ahead of the German Ifo business survey, and versus a pound that has lost all of its election gains on fears Britain could leave the EU without a trade deal.
Finally, the rupee ended at 70.97, 1 paise stronger from its previous close of 70.98 on Tuesday. The currency touched a high and low of 71.12 and 70.97 respectively. The reference rate for the dollar stood at 70.96 and for Euro stood at 79.10 on December 17, 2019. While the reference rate for the Yen stood at 64.78, the reference rate for the Great Britain Pound (GBP) stood at 94.22.
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