Indian rupee ended weaker against the US dollar on Wednesday, on increased demand for the greenback from importers and banks. Investors remain concerned with private report stating that economic activity continues to remain weak and will lead to a 6.1 percent contraction in India's GDP in the current fiscal. Besides, rising coronavirus cases in the country also dampened the sentiments. India has recorded more than 39,000 coronavirus cases in the past 24 hours, taking its total to 1,194,085. The country's death toll has now risen to 28,770. On the global front; dollar nursed losses against most currencies on Wednesday, undermined by concern that Republicans and Democrats are struggling to reach consensus on the next round of U.S. economic stimulus measures.
Finally, the rupee ended at 74.75, 1 paise weaker from its previous close of 74.74 on Tuesday. The currency touched a high and low of 74.87 and 74.59 respectively. The reference rate for the dollar stood at 74.76 and for Euro stood at 85.57 on July 21, 2020. While the reference rate for the Yen stood at 69.67, the reference rate for the Great Britain Pound (GBP) stood at 94.87.
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