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Rupee weakens against US dollar on Tuesday

23 Jul 2019 Evaluate

Indian rupee weakened against the US dollar on Tuesday amid strengthening of the American currency against other currencies overseas as investors awaited major central banks' next monetary moves. Further, sustained foreign fund outflows and rising crude oil prices too kept pressure on the rupee. Foreign institutional investors (FIIs) remained net sellers in the capital markets, pulling out Rs 1,916.91 crore on Monday, as per provisional data. Meanwhile, market participants are not very hopeful about large-scale easing by the Reserve Bank, following RBI Governor Shaktikanta Das's statement, wherein he said a change in monetary policy stance effectively equates to an additional 25-bps rate cut.

The partially convertible currency is currently trading at 68.99, weaker by 7 paise from its previous close of 68.92 on Monday. The currency touched a high and low of 69.05 and 68.98 respectively. The reference rate for the dollar stood at 68.82 and for Euro stood at 77.51 on July 19, 2019. While the reference rate for the Yen stood at 63.93, the reference rate for the Great Britain Pound (GBP) stood at 86.22.

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