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Rupee weakens on increased demand for American currency from importers, banks

14 Mar 2019 Evaluate

Indian rupee weakened against the US dollar on Thursday on account of increased demand for the American currency from importers and banks and rising crude oil prices. Further, strengthening of the American currency in overseas market too weighed on the domestic unit. However, sustained foreign fund inflows supported the rupee and restricted the fall. Foreign institutional investors (FIIs) remained net buyers in the capital markets, putting in Rs 2,722.28 crore on Wednesday, as per provisional data. On the global front, the dollar pulled ahead from a nine-day low on Thursday, largely helped by the pound snapping back after a sharp rally made on Brexit relief.

The partially convertible currency is currently trading at 69.63, weaker by 9 paise from its previous close of 69.54 on Wednesday. The currency touched a high and low of 69.7800 and 69.5400 respectively. The reference rate for the dollar stood at 69.62 and for Euro stood at 78.57 on March 13, 2019. While the reference rate for the Yen stood at 62.55, the reference rate for the Great Britain Pound (GBP) stood at 91.15.

Date1US$1GBP
March 13, 201969.622591.1535
March 12, 201969.595091.8714

(Reference Rate)

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