Indian rupee weakened against the US dollar on Tuesday, tracking weak domestic equities followed by the report showing that India's economy expanded at its slowest pace since March 2013. Growth in the country's gross domestic product (GDP) stood at 5% in the first quarter of current financial year, compared with 5.8% in the previous quarter, and 8% in the quarter ended June 30, 2018. Further, strengthening of the American currency against other currencies overseas too weighed on the domestic unit. Meanwhile, Foreign Institutional Investors (FIIs) remained net buyers in the capital market, putting in Rs 1,162.95 crore on Friday, provisional data with the exchanges showed. The forex market was closed on Monday on account of Ganesh Chaturthi. On the global front, Sterling held near a more than two-year low on growing investor worries about a ‘no-deal Brexit’ as rival British lawmakers fought for control over negotiations to leave the European Union.
The partially convertible currency is currently trading at 72.23, weaker by 81 paise from its previous close of 71.42 on Friday. The currency touched a high and low of 72.2750 and 72.0000 respectively. The reference rate for the dollar stood at 71.75 and for Euro stood at 79.23 on August 30, 2019. While the reference rate for the Yen stood at 67.49, the reference rate for the Great Britain Pound (GBP) stood at 87.42.
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