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

22 Apr 2019 Evaluate

Indian rupee weakened against the US dollar on Monday on account of increased demand for the American currency from importers and banks. Further, rise in crude oil prices also influenced the domestic unit. Meanwhile, Foreign Institutional Investors (FIIs) remained net buyers in the capital markets, putting in Rs 1,038.46 crore on Thursday, as per provisional data. Currency market was shut on Friday on account of 'Good Friday'. On the global front, the dollar edged up against key peers such as the euro and the yen, boosted by the relative strength of the US economy, while losing ground against the Canadian dollar following a rise in crude oil prices.

The partially convertible currency is currently trading at 69.78, weaker by 43 paise from its previous close of 69.35 on Thursday. The currency touched a high and low of 69.8800 and 69.7700 respectively. The reference rate for the dollar stood at 69.41 and for Euro stood at 78.43 on April 18, 2019. While the reference rate for the Yen stood at 62.04, the reference rate for the Great Britain Pound (GBP) stood at 90.55.

Date1US$1GBP
April 18, 2019 69.418990.5519
April 16, 201969.577091.0860

(Reference Rate)

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