Indian rupee weakened against the US dollar on Thursday amid strengthening of the American currency against other currencies overseas. Further, unabated foreign fund outflows, cautious opening in domestic equities, and rising crude oil prices too weighed on the local currency. Foreign institutional investors (FIIs) remained net sellers in the capital markets, pulling out Rs 1,497.07 crore on Wednesday, provisional data with the exchanges showed. On the global front, the dollar rose to a two-year peak against the euro and jumped to a two-month high versus the yen on Thursday as US Federal Reserve Chairman Jerome Powell ruled out a lengthy easing cycle after delivering the first rate cut since the financial crisis.
The partially convertible currency is currently trading at 69.05, weaker by 26 paise from its previous close of 68.79 on Wednesday. The currency touched a high and low of 69.2000 and 69.0500 respectively. The reference rate for the dollar stood at 68.75 and for Euro stood at 76.57 on July 30, 2019. While the reference rate for the Yen stood at 63.31, the reference rate for the Great Britain Pound (GBP) stood at 83.54.
