Indian rupee ended marginally higher against dollar on Wednesday, on persistent selling of the American currency by exporters. Traders remained positive with private report stating that India's economy should come roaring back to life in 2021 after a recession induced by COVID-19 and allow the country to reclaim its status as the fastest-growing major economy if the OECD projection of 12.6 per cent expansion in GDP is realized. However, upside remain capped as Finance Minister Nirmala Sitharaman states that the government has detected GST fraud of Rs 20,124 crore between November 9, 2020, and January 31. A nationwide special drive against unscrupulous entities for availing and passing on Input Tax Credit (ITC) fraudulently on the strength of fake/bogus invoices is being carried out. On the global front, dollar rose on Wednesday, clawing back some of its losses sustained overnight, as U.S. yields found a floor following their drop from one-year highs.
Finally, the rupee ended at 72.91, stronger by 2 paise from its previous close of 72.93 on Tuesday. The currency touched a high and low of 73.10 and 72.88 respectively. The reference rate for the dollar stood at 73.11, and for Euro stood 86.72 on March 09, 2021. While the reference rate for the Yen stood at 66.99, the reference rate for the Great Britain Pound (GBP) stood at 101.23.