Indian rupee weakened against the US dollar on Wednesday amid unabated foreign fund outflows and rising crude oil prices. Foreign institutional investors (FIIs) remained net sellers in the capital markets, pulling out Rs 674.26 crore Tuesday, provisional data with the exchanges showed. Meanwhile, traders are looking to Fed Chairman Jerome Powell’s two-day testimony to Congress after a surprisingly strong jobs report last week tempered bets for US interest-rate cuts. On the global front, the dollar edged toward a three-week high against a basket of major currencies, as an unwinding of bets on deep US interest rate cuts pushed Treasury yields higher.
The partially convertible currency is currently trading at 68.58, weaker by 7 paise from its previous close of 68.51 on Tuesday. The currency touched a high and low of 68.6750 and 68.5750 respectively. The reference rate for the dollar stood at 68.69 and for Euro stood at 77.10 on July 08, 2019. While the reference rate for the Yen stood at 63.42, the reference rate for the Great Britain Pound (GBP) stood at 86.05.
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