Indian rupee weakened against US dollar on Tuesday amid increased demand for the American currency from importers and banks. Besides, a positive trend in the global equity markets, driven by optimism surrounding the ongoing US-China trade talks, also propped up the rupee. Meanwhile, the Reserve Bank of India (RBI) on Monday said it will inject long-term liquidity worth $5 billion into the banking system through a dollar-rupee buy-sell swap for tenure of three years on April 23, the second such auction within a month. Under the swap, a bank would sell US dollars to the RBI and simultaneously agree to buy the same amount of US dollars at the end of the swap period. The money market was closed on Monday on account of annual account closing. Foreign institutional investors (FIIs) remained net buyers in the capital markets, putting in Rs 898.79 crore Monday, as per provisional data. On the global front, the dollar rose to a two-week high against the yen as ebbing concerns about weakness in the global economy lifted US bond yields from 15-month lows.
The partially convertible currency is currently trading at 69.19, weaker by 5 paise from its previous close of 69.14 on Friday. The currency touched a high and low of 69.3750 and 69.1675 respectively. The reference rate for the dollar stood at 69.17 and for Euro stood at 77.70 on March 29, 2019. While the reference rate for the Yen stood at 62.52, the reference rate for the Great Britain Pound (GBP) stood at 90.47.
| Date | 1US$ | 1GBP |
| March 29, 2019 | 69.1713 | 90.4756 |
| March 28, 2019 | 69.0038 | 91.0280 |
(Reference Rate)
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