Indian rupee weakened against US dollar on Thursday, tracking losses in other Asian currencies overseas. Rupee fell further on cautious opening in domestic equities despite the Securities and Exchange Board of India (SEBI) easing the requirements for foreign portfolio investors (FPIs), which might act as a booster for the markets. Foreign institutional investors (FIIs) remained net sellers in the capital markets, pulling out Rs 770.81 crore on Wednesday, as per provisional data. Though, easing crude oil prices added some support to the rupee and restricted its losses. On the global front, the dollar held gains after minutes from the last month’s Federal Reserve policy meeting hosed down some aggressive hopes that the central bank would embark on a series of deep rate cuts.
The partially convertible currency is currently trading at 71.71, weaker by 16 paise from its previous close of 71.55 on Wednesday. The currency touched a high and low of 71.7375 and 71.6300 respectively. The reference rate for the dollar stood at 71.64 and for Euro stood at 79.36 on August 20, 2019. While the reference rate for the Yen stood at 67.27, the reference rate for the Great Britain Pound (GBP) stood at 86.78.
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