Gaining for the second day, Indian rupee ended stronger against the US dollar on Wednesday, on continued selling of the US currency by banks and exporters. Traders took some solace with rating agency Crisil’s report that recovery of stressed assets through the Insolvency and Bankruptcy Code (IBC) was two-times at Rs 70,000 crore compared to that through other mechanisms in 2018-19 but resolution timelines for bad loans still remains an issue. However, late hour sell-off in domestic equity market along with dollar’s strength against major global currencies capped the gains. On the global front, euro held at a one-week low on Wednesday, ignoring data from Germany that showed the economy returned to growth in the first quarter, as trade tensions between the world’s two biggest economies cast a shadow over risk appetite.
Finally, the rupee ended at 70.34, 10 paise stronger from its previous close of 70.44 on Tuesday. The currency touched a high and low of 70.39 and 70.17 respectively. The reference rate for the dollar stood at 70.42 and for Euro stood at 79.15 on May 15, 2019. While the reference rate for the Yen stood at 64.25, the reference rate for the Great Britain Pound (GBP) stood at 91.21.