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Rupee weakens on buying in American currency by banks, importers

30 Jan 2019 Evaluate

Indian rupee weakened against the US dollar on Wednesday on account of buying in American currency by banks and importers amid rising crude oil prices. Further, strengthening of the US dollar against some currencies overseas and sustained foreign fund outflows too weighed on the domestic unit. Foreign funds sold shares worth Rs 354.36 crore from the capital markets on a net basis Tuesday, while domestic institutional investors bought shares worth Rs 81.27 crore, provisional data showed. On the global front, the pound tried to find its footing on Wednesday after sliding on fresh concerns about the possibility of a ‘no-deal’ Brexit, while the dollar eased ahead of the Federal Reserve’s policy decision.

The partially convertible currency is currently trading at 71.26, weaker by 15 paise from its previous close of 71.11 on Tuesday. The currency touched a high and low of 71.3650 and 71.2400 respectively. The reference rate for the dollar stood at 71.09 and for Euro stood at 81.31 on January 29, 2019. While the reference rate for the Yen stood at 65.05, the reference rate for the Great Britain Pound (GBP) stood at 93.54.

Date1US$1GBP
January 29, 201971.094293.5453
January 28, 201971.134093.8224

(Reference Rate)

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