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Rupee weakens on sustained demand for American Currency

15 Feb 2019 Evaluate

Indian rupee weakened against the US dollar on Friday on account of sustained demand for the American Currency from importers amid foreign fund outflow and rising global crude prices. Further, the dollar’s gain against major world currencies also impacted the rupee sentiment. Foreign portfolio investors (FPIs) sold shares worth net Rs 250.23 crore on Thursday, provisional data showed. On the global front, the dollar edged lower versus the yen on Friday as dismal US retail sales data reinforced expectations the Federal Reserve will not raise rates this year, while the market awaited developments in trade talks between Washington and Beijing.

The partially convertible currency is currently trading at 71.33, weaker by 17 paise from its previous close of 71.16 on Thursday. The currency touched a high and low of 71.3900 and 71.2200 respectively. The reference rate for the dollar stood at 70.94 and for Euro stood at 79.99 on February 14, 2019. While the reference rate for the Yen stood at 63.88, the reference rate for the Great Britain Pound (GBP) stood at 91.27.

Date1US$1GBP
February 14, 201970.940891.2791
February 13, 201970.554791.1327

(Reference Rate)

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