Indian rupee weakened against the US dollar on Wednesday due to buying of American currency by banks and importers, while weakness in domestic equities too weighed on domestic unit. However, weakening of the US dollar against other currencies overseas, easing crude oil prices and foreign fund inflow supported the rupee and restricted its fall. Foreign institutional investors (FIIs) purchased shares worth Rs 473.17 crore in the capital market on Tuesday, exchange data showed. On the global front, the US dollar held firm against its rivals, particularly versus traditional safe-haven currencies, on rising hopes for a Sino-US trade deal and a string of solid US economic data.
The partially convertible currency is currently trading at 70.92, weaker by 23 paise from its previous close of 70.69 on Tuesday. The currency touched a high and low of 70.9350 and 70.7700 respectively. The reference rate for the dollar stood at 70.68 and for Euro stood at 78.93 on November 4, 2019. While the reference rate for the Yen stood at 65.30, the reference rate for the Great Britain Pound (GBP) stood at 91.41.
