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Rupee weakens on firm crude oil prices, dollar demand from importers

08 Jan 2019 Evaluate

Indian rupee weakened against the US dollar on Tuesday, as crude oil prices firmed up amid anticipations that the US and China may resolve their trade war and American crude inventories may fall. Moreover, rise in demand for the American currency from importers also added to the decline of the domestic currency. On global front, the US currency fell against its peers with the anticipations on fewer chances on further interest rate hikes by US Federal Reserve, the euro and Swiss franc lead gains among its rivals.

The partially convertible currency is currently trading at 70.04, weaker by 36 paise from its previous close of 69.68 on Monday. The currency touched a high and low of 70.1400 and 69.8300 respectively. The reference rate for the dollar stood at 69.48 and for Euro stood at 79.38 on January 7, 2019. While the reference rate for the Yen stood at 64.21, the reference rate for the Great Britain Pound (GBP) stood at 88.59.

Date1US$1GBP
January 07, 201969.481488.5943
January 04, 201969.865388.2599

(Reference Rate)

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