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

16 Apr 2019 Evaluate

Indian rupee weakened against the US dollar on Tuesday on account of increased demand for the American currency from importers and banks. Besides, strengthening of the American currency in the overseas market too weighed on the domestic currency. However, sustained foreign fund inflows, fall in crude oil prices and positive opening in domestic equities supported the rupee and restricted the fall. Foreign institutional investors (FIIs) remained net buyers in the capital markets, putting in Rs 713.22 crore on Monday, as per provisional data. On the global front, the dollar edged up against a basket of its key rivals, with investors erring on the side of caution as they looked for more concrete signs of stabilization in the global economy.

The partially convertible currency is currently trading at 69.49, weaker by 7 paise from its previous close of 69.42 on Monday. The currency touched a high and low of 69.5900 and 69.4700 respectively. The reference rate for the dollar stood at 69.22 and for Euro stood at 78.30 on April 15, 2019. While the reference rate for the Yen stood at 61.84, the reference rate for the Great Britain Pound (GBP) stood at 90.61.

Date1US$1GBP
April 15, 201969.229390.6193
April 12, 201969.324090.5589

(Reference Rate)

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