Indian rupee weakened against US dollar on Friday following some buying in American currency by banks and importers. Market participants are a little cautious ahead of the Reserve Bank of India’s (RBI) monetary policy meeting scheduled next week. Though, easing crude prices and foreign fund inflows, capped losses in the rupee against the US dollar. Foreign institutional investors (FIIs) bought equities worth a net Rs 737.17 crore on Thursday, according to provisional exchange data. On the global front, the dollar traded near multi-week highs against most major currencies as heightened risks from the Sino-US trade war increased its safe-haven appeal.
The partially convertible currency is currently trading at 70.91, weaker by 3 paise from its previous close of 70.88 on Thursday. The currency touched a high and low of 70.9375 and 70.8825 respectively. The reference rate for the dollar stood at 71.03 and for Euro stood at 78.14 on September 25, 2019. While the reference rate for the Yen stood at 66.18, the reference rate for the Great Britain Pound (GBP) stood at 88.54.
