Indian rupee weakened against US dollar on Wednesday on account of buying of American currency by banks and imports amid unabated foreign fund outflows. Foreign institutional investors (FIIs) offloaded shares worth Rs 494.21 crore on Monday, according to provisional exchange data. Though, weakening of the US dollar against other currencies overseas and easing crude oil prices restricted the fall in the local currency. Forex market was closed on Tuesday on account of Dussehra. On the global front, the dollar steadied on Wednesday as hopes for a breakthrough in US-China trade talks waned, sending investors into less risky assets. The US imposition of visa restrictions on Chinese officials together with the blacklisting of Chinese firms over the treatment of Muslim minorities threatened to derail already delicate trade negotiations.
The partially convertible currency is currently trading at 71.18, weaker by 16 paise from its previous close of 71.02 on Monday. The currency touched a high and low of 71.2200 and 71.1075 respectively. The reference rate for the dollar stood at 70.97 and for Euro stood at 77.92 on October 7, 2019. While the reference rate for the Yen stood at 66.41, the reference rate for the Great Britain Pound (GBP) stood at 87.41.
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