Indian rupee weakened against the US dollar on Wednesday amid rising crude oil prices and foreign fund outflows. Foreign institutional investors (FIIs) remained net sellers in the capital markets, pulling out Rs 444.99 crore Tuesday, as per provisional data. Though, weakening of the American currency against other currencies overseas and positive trade in domestic equities added support to the domestic currency and restricted the downfall. Meanwhile, Investors are awaiting speeches from Federal Reserve officials and economic data in coming days for clues about the size of expected interest-rate cuts this year.
The partially convertible currency is currently trading at 68.80, weaker by 9 paise from its previous close of 68.71 on Tuesday. The currency touched a high and low of 68.8300 and 68.6900 respectively. The reference rate for the dollar stood at 68.58 and for Euro stood at 77.30 on July 15, 2019. While the reference rate for the Yen stood at 63.49, the reference rate for the Great Britain Pound (GBP) stood at 86.19.
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