Indian rupee ended stronger against dollar on Wednesday due to fresh selling of the American currency by banks and exporters. Sentiments were positive despite Nobel Laureate Abhijit Banerjee's statement that India is among the worst performing economies in the world and the government's economic stimulus was inadequate to tackle the problem. He said the stimulus measures did not increase consumption spending of lower income people as the government was not willing to put money in the hands of the low income population. On the global front, dollar ticked up in Europe on Wednesday, recovering some losses after a two-day fall, as traders assessed a debate between President Donald Trump and his challenger, Joe Biden.
Finally, the rupee ended at 73.76, 10 paise stronger from its previous close of 73.86 on Tuesday. The currency touched a high and low of 73.86 and 73.69 respectively. The reference rate for the dollar stood at 73.85 and for Euro stood 86.17 on September 29, 2020. While the reference rate for the Yen stood at 69.92, the reference rate for the Great Britain Pound (GBP) stood at 94.97.
