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Rupee weakens on fresh demand for American currency from importers

19 Jul 2018 Evaluate

Indian rupee weakened against the US dollar on Thursday, driven by fresh demand for the American currency from importers. Besides, dollar's firmness against some currencies overseas too weighed on the domestic unit. However, a higher opening of the stock market capped the rupee's fall. On the global front, the dollar held firm against its peers on Thursday, supported by bullish comments from the US Federal Reserve chairman, which affirmed expectations for at least two more interest rate hikes this year.

The partially convertible currency is currently trading at 68.83, weaker by 21 paise from its previous close of 68.62 on Wednesday. The currency touched a high and low of 68.8300 and 68.7000 respectively.

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