Indian rupee weakened against the US dollar on Thursday, ahead of the Reserve Bank of India’s (RBI) monetary policy decision. The RBI’s Monetary Policy Committee (MPC) is slated to announce its bi-monthly policy decision later in the day. Besides, foreign fund outflows and rising crude oil prices also kept pressure on the domestic currency. Foreign institutional investors (FIIs) remained net sellers in the capital markets, pulling out Rs 416.08 crore on Tuesday, as per provisional data. Furthermore, a cautious opening in domestic bourses also weighed on the rupee. Forex markets were closed on Wednesday on account of Id-Ul-Fitr.
The partially convertible currency is currently trading at 69.38, weaker by 12 paise from its previous close of 69.26 on Tuesday. The currency touched a high and low of 69.4550 and 69.3700 respectively. The reference rate for the dollar stood at 69.29 and for Euro stood at 78.00 on June 4, 2019. While the reference rate for the Yen stood at 64.21, the reference rate for the Great Britain Pound (GBP) stood at 87.83.
