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

12 Apr 2019 Evaluate

Indian rupee weakened against the US dollar on Friday owing to increased demand for the American currency from importers and banks. Further, strengthening of the US dollar against other currencies overseas and rising crude oil prices in overseas market also added pressure to the domestic unit. However, foreign fund inflows and firm domestic equity market capped the weakness in the rupee. Foreign institutional investors (FIIs) put in Rs 476.51 crore on a net basis Thursday, provisional data showed. On the global front, the dollar held firm after strong US labor and inflation data soothed concerns about the world’s largest economy, while falling oil prices weighed on commodity-linked currencies such as the Canadian and Australian dollars.

The partially convertible currency is currently trading at 69.12, weaker by 20 paise from its previous close of 68.92 on Thursday. The currency touched a high and low of 69.2400 and 69.0250 respectively. The reference rate for the dollar stood at 68.97 and for Euro stood at 77.79 on April 11, 2019. While the reference rate for the Yen stood at 62.07, the reference rate for the Great Britain Pound (GBP) stood at 90.27.

Date1US$1GBP
April 11, 201968.974290.2762
April 10, 201969.148290.3799

(Reference Rate)

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