Indian rupee continued to slide against the American currency for the third day on Tuesday, on increased demand for the American currency from importers and banks. The weakness of the rupee also comes amid rise in crude oil prices. Traders failed to get relief with data showing that India's retail inflation hit an 18-month low, rising 2.19 percent in December as compared with 2.3 percent in November due to cheaper fuel and food items. Besides, strength in the dollar in global markets affected the market sentiment, however good going in local equities capped the rupee fall to some extent. On the global front, euro fell against the US dollar on Tuesday after data showed Germany’s economy slowed in 2018, underscoring fears about a broader slump in Europe.
Finally, the rupee ended at 71.05, 13 paise weaker from its previous close of 70.92 on Monday. The currency touched a high and low of 71.15 and 70.75 respectively. The reference rate for the dollar stood at 71.02 and for Euro stood at 81.50 on January 15, 2019. While the reference rate for the Yen stood at 65.37, the reference rate for the Great Britain Pound (GBP) stood at 91.62.
