Continuing previous session drubbing, Indian rupee ended weaker against dollar on Wednesday, on emergence of demand for the greenback from importers. Investors were cautiousness with Rating agency ICRA stating that states are likely to cut capital outlay on infrastructure by up to 40 percent, with coronavirus disease (covid-19) pandemic severely impacting revenues of state governments, and additional expenditure towards healthcare and public welfare. Meanwhile, Commerce and Industry Minister Piyush Goyal and Minister of State Hardeep Singh Puri held a virtual dialogue with their UK counterparts to review the progress towards a post-Brexit Enhanced Trade Partnership with Britain, which could lead to a free trade agreement in the future. On the global front; Sterling hit its highest level in more than two months versus the euro on Wednesday as investors were optimistic that a vaccine against COVID-19 would provide a lifeline to the UK economy and more hopeful about the chances of a Brexit deal.
Finally, the rupee ended at 74.36, 18 paise weaker from its previous close of 74.18 on Tuesday. The currency touched a high and low of 74.50 and 74.18 respectively. The reference rate for the dollar stood at 74.21, and for Euro stood 87.78 on November 10, 2020. While the reference rate for the Yen stood at 71.67, the reference rate for the Great Britain Pound (GBP) stood at 97.82.
