Indian rupee ended weaker against the US dollar on Thursday, amid weakness in domestic equity markets and strength in the dollar overseas. Investors remain concerned as the UN slashed India's projected growth rate to 1.2% in 2020 and forecast that the global economy will contract sharply by 3.2% as the COVID-19 pandemic paralyses the world, sharply restricting economic activities, increasing uncertainties and unleashing a recession unseen since the Great Depression of the 1930s. However, losses were limited as traders found some support with report that Finance Minister Nirmala Sitharaman unveiled the first tranche of the mega economic stimulus package aimed at uplifting the economy. On the global front, dollar climbed towards a three-week high on Thursday as risk appetite deteriorated broadly after Federal Reserve Chairman Jerome Powell dismissed speculation about negative interest rates.
Finally, the rupee ended at 75.56, 10 paise weaker from its previous close of 75.46 on Wednesday. The currency touched a high and low of 75.59 and 75.30 respectively. The reference rate for the dollar stood at 75.38 and for Euro stood at 81.82 on May 13, 2020. While the reference rate for the Yen stood at 70.37, the reference rate for the Great Britain Pound (GBP) stood at 92.61
