Indian rupee weakened against the US dollar on Wednesday amid strengthening of the American currency against other currencies overseas. Meanwhile, investors were cautious ahead of the US Federal Reserve’s interest rate decision. Though, firm domestic equity market, foreign fund inflows, and easing crude oil prices supported the domestic unit and restricted its fall. Foreign institutional investors remained net buyers in the capital markets, putting in Rs 876.64 crore on Tuesday, exchange data showed. On the global front, the dollar traded narrowly as markets braced for a rate cut by the Federal Reserve later on Wednesday, while sterling steadied as Britain heads for an early general election the prime minister hopes will break the deadlock over Brexit.
The partially convertible currency is currently trading at 71.00, weaker by 16 paise from its previous close of 70.84 on Tuesday. The currency touched a high and low of 71.0300 and 70.9200 respectively. The reference rate for the dollar stood at 70.95 and for Euro stood at 78.81 on October 25, 2019. While the reference rate for the Yen stood at 65.30, the reference rate for the Great Britain Pound (GBP) stood at 91.18.
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