Indian rupee recovered marginally against the US dollar on Wednesday after a negative start. Rupee was opened weaker against the US dollar on unabated foreign fund outflows and rising demand for the American currency against other currencies overseas. Foreign institutional investors (FIIs) remained net sellers in the capital markets, pulling out Rs 557.50 crore on Tuesday, exchange data showed. On the global front, trading in emerging market currencies was subdued after UK Prime Minister Boris Johnson lost the crucial Brexit Bill timetable vote. Traders were also awaiting fresh cues on the potential US-China trade deal. US President Donald Trump on Monday had said that the 'phase 1' China trade pact on track for November.
The partially convertible currency is currently trading at 70.92, stronger by 2 paise from its previous close of 70.94 on Tuesday. The currency touched a high and low of 71.0300 and 70.9125 respectively. The reference rate for the dollar stood at 71.19 and for Euro stood at 79.18 on October 18, 2019. While the reference rate for the Yen stood at 65.58, the reference rate for the Great Britain Pound (GBP) stood at 91.51.
