Indian rupee ended weaker against dollar on Wednesday, on emergence of demand for the greenback from importers. Investors’ sentiment remained fragile amid concerns over the impact of coronavirus outbreak on the domestic as well as global economy. Some pessimism also came as the Crisil research wing’s report stating that eight states most affected by the COVID-19 pandemic account for over 60 per cent of the Gross Domestic Product (GDP) and the extended restrictions will slam the economy harder. However, gains in domestic equity markets provided some support to the rupee, keeping the downside in check. On the global front, euro edged higher on Wednesday as a Franco-German proposal for a common fund that could move Europe closer to a fiscal union underpinned demand for the common currency, while some risk aversion in currency markets also boosted the Swiss franc.
Finally, the rupee ended at 75.80, 14 paise weaker from its previous close of 75.66 on Tuesday. The currency touched a high and low of 75.86 and 75.60 respectively. The reference rate for the dollar stood at 75.66 and for Euro stood at 82.68 on May 19, 2020. While the reference rate for the Yen stood at 70.44, the reference rate for the Great Britain Pound (GBP) stood at 92.58.
