Indian rupee weakened against the US dollar on Friday amid rising crude oil prices and unabated foreign fund outflows. Foreign institutional investors (FIIs) remained net sellers in the capital market, pulling out Rs 810.72 crore on Thursday, according to provisional exchange data. Meanwhile, investors awaiting the outcome of the Reserve Bank of India (RBI)’s fourth bi-monthly monetary policy review meeting today and hopes that the central bank will go for yet another rate cut to boost slowing economic growth. On the global front, the dollar weakened after a disappointing US service sector survey inflamed worries that pressure from US trade disputes with China and other countries could spill over into the broader US economy and eventually tip it into a recession.
The partially convertible currency is currently trading at 70.93, weaker by 6 paise from its previous close of 70.87 on Thursday. The currency touched a high and low of 70.9475 and 70.7800 respectively. The reference rate for the dollar stood at 70.91 and for Euro stood at 77.17 on October 1, 2019. While the reference rate for the Yen stood at 65.49, the reference rate for the Great Britain Pound (GBP) stood at 87.05.
