Indian rupee ended tad weaker against dollar on Thursday due to fresh selling of the American currency by banks and exporters. Traders were concerned with a report released by the United Nations Development Programme (UNDP) showing that India dropped one spot to 131 among 189 countries in the 2020 human development index. Human Development Index is the measure of a nation's health, education, and standards of living. However, downfall remain capped as SBI Research latest report has scaled up its projections for the economy, projecting gross domestic product (GDP) to contract 7.4 per cent during the current financial year (FY21) compared to its earlier forecast of a 10.9 per cent fall. On the global front; dollar fell to its lowest in more than two years against the British pound and euro on Thursday after the Federal Reserve stuck to its current policy while hopes for more U.S. stimulus and a post-Brexit trade deal boosted risk appetite.
Finally, the rupee ended at 73.59, 1 paise weaker from its previous close of 73.58 on Wednesday. The currency touched a high and low of 73.59 and 73.39 respectively. The reference rate for the dollar stood at 73.52, and for Euro stood 89.40 on December 16, 2020. While the reference rate for the Yen stood at 70.98, the reference rate for the Great Britain Pound (GBP) stood at 98.91.
