Indian rupee ended tad lower against dollar on Thursday, on account of sustained dollar demand from importers and banks. Traders took note of Former union minister Suresh Prabhu’s statement that the domestic industry must become more competitive and help the country become ‘Atmanirbhar’. Prabhu also said most countries are adopting protectionist policies and India too must become self-reliant. On the global front, pound rose against the dollar on Thursday, driven by dollar weakness as traders shrugged off Wednesday's dismal GDP data but remained cautious about the longer-term economic outlook for Britain.
Finally, the rupee ended at 74.84, 1 paise weaker from its previous close of 74.83 on Wednesday. The currency touched a high and low of 74.92 and 74.78 respectively. The reference rate for the dollar stood at 74.82 and for Euro stood at 87.77 on August 12, 2020. While the reference rate for the Yen stood at 70.11, the reference rate for the Great Britain Pound (GBP) stood at 97.62.
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