Indian rupee weakened against US dollar on Wednesday amid rising demand for the US dollar from banks and importers. Further, weak domestic equities and unabated foreign fund outflows also weighed on the rupee. Foreign institutional investors (FIIs) offloaded shares worth Rs 828.49 crore on Tuesday, according to provisional exchange data. Though, easing crude oil prices supported the rupee and restricted its downfall. On the global front, the dollar steadied but remained on the defensive after the launch of a formal impeachment inquiry against President Donald Trump, while the political uncertainty added to worries about economies strained by the Sino-US trade row.
The partially convertible currency is currently trading at 71.05, weaker by 4 paise from its previous close of 71.01 on Tuesday. The currency touched a high and low of 71.1200 and 71.0200 respectively. The reference rate for the dollar stood at 70.92 and for Euro stood at 78.18 on September 23, 2019. While the reference rate for the Yen stood at 65.83, the reference rate for the Great Britain Pound (GBP) stood at 88.47.
