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Rupee weakens on some buying in American currency by banks, importers

08 Mar 2019 Evaluate

Indian rupee weakened against the US dollar on Friday due to some buying in American currency by banks and importers. Rupee fell further by weak global cues after the European Central Bank (ECB) slashed its growth forecasts and launched an emergency round of policy stimulus. Foreign investors (FIIs and FPIs) infused a total of Rs 1,137.85 crore in the Indian equity market while domestic investors (DIIs) were the net sellers to the tune of Rs 925.46 crore, NSE data showed. On the global front, the euro struggled near a 21-month low against the dollar, hurt by a series of dovish signals from the European Central Bank, with the currency market bracing for further volatility ahead of US jobs data later in the day.

The partially convertible currency is currently trading at 70.14, weaker by 14 paise from its previous close of 70.00 on Thursday. The currency touched a high and low of 70.2200 and 70.0700 respectively. The reference rate for the dollar stood at 70.02 and for Euro stood at 79.17 on March 7, 2019. While the reference rate for the Yen stood at 62.66, the reference rate for the Great Britain Pound (GBP) stood at 92.25.

Date1US$1GBP
March 07, 201970.026892.2575
March 06, 201970.579892.7197

(Reference Rate)

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