Rupee ends marginally weaker against US dollar

Extending losses for the fifth day in a row, the Indian rupee ended marginally weaker against the US dollar on Wednesday due to the increased demand for the greenback from the importers and the banks.

Investors remained cautious as the Reserve Bank of India (RBI) lowered the GDP growth projection for 2019-20 to 6.9 per cent from 7 per cent forecasted in the June policy and underlined the need for addressing growth concerns by boosting aggregate demand.

The rupee’s losses were also caused by late hour sell-off in domestic equity market. However, the losses were limited as traders found some support after the RBI cut key interest rate by 35 basis points to boost the slowing economy.

On the global front, the dollar fell against yen in a sign that investors remain wary of China's currency policy, which has become a new flashpoint in its trade war with the US. 

Finally, the rupee ended at 70.89, 8 paise weaker from its previous close of 70.81 on Tuesday. The currency touched a high and low of 70.62 and 70.99, respectively.