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Rupee weakens on increased demand for American currency from importers

21 Jan 2019 Evaluate

Indian rupee weakened against the US dollar on Monday on increased demand for the American currency from importers amid rising crude prices and foreign fund outflows. Besides, the dollar's gains against some other currencies overseas too weighed on the rupee sentiment. However, a positive trading of domestic equity market capped the rupee's losses. On the global front, the dollar held steady near a two-week high against a basket of currencies on Monday, as investor risk appetite held up despite the latest data showing China’s 2018 economic growth slowing to a near three-decade low.

The partially convertible currency is currently trading at 71.40, weaker by 21 paise from its previous close of 71.19 on Friday. The currency touched a high and low of 71.5300 and 71.3700 respectively. The reference rate for the dollar stood at 71.14 and for Euro stood at 81.06 on January 18, 2019. While the reference rate for the Yen stood at 65.04, the reference rate for the Great Britain Pound (GBP) stood at 92.29.

Date1US$1GBP
January 18, 201971.141892.2946
January 17, 201971.341891.8616

(Reference Rate)

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