Indian rupee weakened against the US dollar on Thursday, tracking weak domestic equity market amid concerns over a looming global recession. Further, uncertainty over US-China trade talks and persistent foreign fund outflows also put pressure on the domestic currency. Foreign institutional investors (FIIs) remained net sellers in the capital markets, pulling out Rs 935.27 crore on Wednesday, as per provisional data. However, softening crude prices restricted the rupee's fall. On the global front, the dollar held gains against the safe-haven yen as ebbing recession worries soothed markets after earlier volatility although the pound nursed its losses as investors became increasingly worried about a hard Brexit.
The partially convertible currency is currently trading at 71.99, weaker by 22 paise from its previous close of 71.77 on Wednesday. The currency touched a high and low of 72.0500 and 71.9250 respectively. The reference rate for the dollar stood at 71.82 and for Euro stood at 79.73 on August 27, 2019. While the reference rate for the Yen stood at 67.97, the reference rate for the Great Britain Pound (GBP) stood at 87.74.
