Indian rupee ended weaker against the US dollar on Wednesday, on increased demand for the greenback from importers and banks. Traders remain concerned with Chief Economic Advisor (CEA) Krishnamurthy V Subramanian’s statement that shutting the doors to other countries will not help India. His comments came after the nationwide clamour for a boycott of Chinese goods is getting louder, following the fierce clash between the troops of India and China in eastern Ladakh that left 20 Indian Army personnel dead. Broad strength in US dollar also weighed on the rupee. On the global front; dollar regained some ground on Wednesday after two straight days of losses, as money markets tempered hopes of a rapid global economic recovery.
Finally, the rupee ended at 75.72, 6 paise weaker from its previous close of 75.66 on Tuesday. The currency touched a high and low of 75.76 and 75.59 respectively. The reference rate for the dollar stood at 75.75 and for Euro stood at 85.33 on June 23, 2020. While the reference rate for the Yen stood at 70.67, the reference rate for the Great Britain Pound (GBP) stood at 94.33.
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