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Rupee weakens against dollar on US-China trade concerns

13 May 2019 Evaluate

Indian rupee weakened against the US dollar on Monday amid US-China trade related concerns and rising crude oil prices. Further, strengthening of the American currency against other currencies overseas, and foreign fund outflows also added pressure to the domestic unit. Foreign institutional investors (FIIs) pulled out Rs 1,245.14 crore on a net basis on Friday, provisional data showed. On the global front, the safe-haven yen edged higher and the Chinese yuan and Australian dollar dipped early on Monday after the latest escalation in the trade war between the United States and China. The world’s two biggest economies appeared at a deadlock over trade negotiations on Sunday as Washington demanded promises of concrete changes to Chinese law and Beijing said it would not swallow any ‘bitter fruit’ that harmed its interests.

The partially convertible currency is currently trading at 70.21, weaker by 29 paise from its previous close of 69.92 on Friday. The currency touched a high and low of 70.2400 and 70.0950 respectively. The reference rate for the dollar stood at 69.92 and for Euro stood at 78.48 on May 10, 2019. While the reference rate for the Yen stood at 63.72, the reference rate for the Great Britain Pound (GBP) stood at 90.92.

Date1US$1GBP
May 10, 201969.9212 90.9269
May 09, 201969.868590.9879

(Reference Rate)

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