Indian rupee weakened against the US dollar on Monday on account of some buying in American currency by banks and importers. Rupee fell further ahead of the next meeting of RBI's Monetary Policy Committee scheduled between February 05 and 07, and on weak domestic equity market. Much of the pressure on the rupee has come from concerns about the country's budget deficit after the government delivered a voter-friendly interim budget on Friday. However, easing crude prices and fresh foreign fund inflows capped the losses for the domestic unit. Foreign funds bought shares worth Rs 1,315.89 crore from the capital markets on a net basis on Friday, while domestic institutional investors sold shares worth Rs 5.07 crore, provisional data showed. On the global front, the dollar hovered near a one-week high against the yen on Monday, buoyed by stronger-than-expected US jobs and factory data, although the Federal Reserve’s cautious policy outlook and thinned holiday trade in Asia are likely to cap further gains.
The partially convertible currency is currently trading at 71.64, weaker by 39 paise from its previous close of 71.25 on Friday. The currency touched a high and low of 71.7300 and 71.5700 respectively. The reference rate for the dollar stood at 71.11 and for Euro stood at 81.34 on February 01, 2019. While the reference rate for the Yen stood at 65.31, the reference rate for the Great Britain Pound (GBP) stood at 93.16.
| Date | 1US$ | 1GBP |
| February 1, 2019 | 71.1102 | 93.1681 |
| January 31, 2019 | 71.0333 | 93.2383 |
(Reference Rate)
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