Indian rupee weakened against the US dollar on Thursday, followed by weak trading of the domestic equities. The investors turned cautious ahead of quarterly results of key bluechips amid weak Asian cues. Traders are expecting market to continue to remain volatile in the coming months in the wake of upcoming general elections. On the global front, the dollar weakened versus major peers such as the euro and yen due to growing expectations the Federal Reserve will pause its rate tightening cycle this year. Minutes from the Fed’s December 18-19 meeting revealed that several policymakers were in favor of the US central bank keeping rates steady this year.
The partially convertible currency is currently trading at 70.60, weaker by 14 paise from its previous close of 70.46 on Wednesday. The currency touched a high and low of 70.6150 and 70.3200 respectively. The reference rate for the dollar stood at 70.44 and for Euro stood at 80.70 on January 9, 2019. While the reference rate for the Yen stood at 64.71, the reference rate for the Great Britain Pound (GBP) stood at 89.72.
| Date | 1US$ | 1GBP |
| January 09, 2019 | 70.4418 | 89.7231 |
| January 08, 2019 | 70.0221 | 89.4238 |
(Reference Rate)
