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Rupee weakens on strengthening American currency

29 Jan 2019 Evaluate

Indian rupee weakened against US dollar on Tuesday amid strengthening American currency and rising crude prices. Further, weak domestic equities also weighed on the domestic unit. However, fresh foreign fund inflows capped the losses for the domestic unit. Data showed foreign funds bought shares worth Rs 223.44 crore from the capital markets on a net basis on Monday, and domestic institutional investors also bought shares worth Rs 92.32 crore. On the global front, the dollar was little changed against a basket of currencies on Monday as traders were cautious about staking new positions ahead of the Federal Reserve’s two-day policy meeting and trade talks between China and the United States.

The partially convertible currency is currently trading at 71.13, weaker by 3 paise from its previous close of 71.10 on Monday. The currency touched a high and low of 71.2200 and 71.1000 respectively. The reference rate for the dollar stood at 71.13 and for Euro stood at 81.14 on January 28, 2019. While the reference rate for the Yen stood at 65.05, the reference rate for the Great Britain Pound (GBP) stood at 93.82.

1US$1US$1GBP
January 28, 201971.134093.8224
January 25, 201971.105193.2396

(Reference Rate)

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