Indian rupee weakened against the US dollar on Wednesday amid strengthening of the American currency and lower opening in domestic equities. Further, sustained foreign fund outflows also weighed on the domestic unit. Foreign funds pulled out Rs 48.19 crore from the capital markets on a net basis, while domestic institutional investors bought shares worth Rs 142.58 crore on Tuesday, provisional data showed. However, lower crude oil prices capped the rupee’s losses. On the global front, the dollar eased against the yen on Wednesday as caution prevailed on the first trading day of the New Year on wider concerns about global economic growth, the US government shutdown and a slower pace of Federal Reserve rate hikes.
The partially convertible currency is currently trading at 69.67, weaker by 24 paise from its previous close of 69.43 on Tuesday. The currency touched a high and low of 69.7150 and 69.5500 respectively. The reference rate for the dollar stood at 69.71 and for Euro stood at 79.93 on January 1, 2019. While the reference rate for the Yen stood at 63.57, the reference rate for the Great Britain Pound (GBP) stood at 88.97.
| Date | 1US$ | 1GBP |
| January 01, 2019 | 69.7131 | 88.9748 |
| December 31, 2018 | 69.7923 | 88.5488 |
(Reference Rate)
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