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Rupee weakens against US dollar on Thursday

08 Aug 2019 Evaluate

Indian rupee weakened against US dollar on Thursday after the Reserve Bank of India (RBI) revised GDP growth forecast for current financial year downwards to 6.9 percent from 7 percent estimated in the June policy. Meanwhile, RBI has cut key interest rate by 35 basis points in an attempt to boost an economy growing at its slowest pace in nearly five years. Foreign institutional investors (FIIs) remained net sellers in the capital markets, pulling out Rs 383.66 crore on Wednesday, NSE's provisional data showed. On the global front, China’s central bank set the midpoint of the yuan’s daily trading range at 7.0039 to the US dollar Thursday, the first time it has set the rate above the psychologically important 7-to-the-dollar mark since 2008.

The partially convertible currency is currently trading at 70.91, weaker by 2 paise from its previous close of 70.89 on Wednesday. The currency touched a high and low of 70.9450 and 70.7100 respectively. The reference rate for the dollar stood at 70.72 and for Euro stood at 79.24 on August 6, 2019. While the reference rate for the Yen stood at 66.41, the reference rate for the Great Britain Pound (GBP) stood at 85.99.

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