Indian rupee weakened against the US dollar on Tuesday, due to increased demand for the American currency from importers and banks. Further, strengthening of the American currency overseas and weak opening in domestic equities too added pressure to the local unit. However, foreign fund inflows and easing crude prices restricted the fall in the domestic currency. Foreign institutional investors (FIIs) infused Rs 1,215.36 crore on a net basis Monday, provisional data showed. On the global front, the dollar rose against its major peers on Tuesday as investors’ awaited new trading catalysts after the European Union parliamentary elections showed a polarisation of the 28-member block.
The partially convertible currency is currently trading at 69.66, weaker by 15 paisa from its previous close of 69.51 on Monday. The currency touched a high and low of 69.7300 and 69.6250 respectively. The reference rate for the dollar stood at 69.60 and for Euro stood at 77.97 on May 24, 2019. While the reference rate for the Yen stood at 63.55, the reference rate for the Great Britain Pound (GBP) stood at 88.30.
