Indian rupee ended weaker against the US dollar on Tuesday, extending its previous session’s losses, on increased demand for the greenback from importers and banks. Traders took note of report that Finance Minister Nirmala Sitharaman said the government has begun an exercise to assess the impact of the pandemic on the economy and likely contraction in GDP, even as she did not rule out the possibility of another stimulus to boost growth. She said the ministry has started doing some assessment since the beginning of October and would soon come with a projection. On the global front, Sterling traders kept the currency afloat on Tuesday as they searched for clues on how likely it was for Britain to reach a trade deal with the European Union by the end of the year.
Finally, the rupee ended at 73.49, 12 paise weaker from its previous close of 73.37 on Monday. The currency touched a high and low of 73.53 and 73.29 respectively. The reference rate for the dollar stood at 73.41 and for Euro stood 85.96 on October 19, 2020. While the reference rate for the Yen stood at 69.64, the reference rate for the Great Britain Pound (GBP) stood at 94.97.
