Indian rupee weakened against the US dollar on Wednesday amid rising crude oil prices and foreign fund outflows. Lower estimates of growth further kept the currency weighed down against the dollar. Official data showed that the economy is expected to grow at 7.2 percent compared to RBI’s estimate of 7.4 percent. However, some losses were capped by higher opening of the domestic equities market tracking positive cues from Asian stocks amid rising hopes of US and China striking a trade deal. On the global front, commodity-linked currencies such as the Australian dollar and the Canadian dollar rose on Wednesday, helped by a rise in oil prices and growing optimism that China and the United States may be inching toward a trade deal.
The partially convertible currency is currently trading at 70.46, weaker by 25 paise from its previous close of 70.21 on Tuesday. The currency touched a high and low of 70.4850 and 70.0800 respectively. The reference rate for the dollar stood at 70.02 and for Euro stood at 80.15 on January 8, 2019. While the reference rate for the Yen stood at 64.37, the reference rate for the Great Britain Pound (GBP) stood at 89.42.
| Date | 1US$ | 1GBP |
| January 08, 2019 | 70.0221 | 89.4238 |
| January 07, 2019 | 69.4814 | 88.5943 |
(Reference Rate)
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