Indian rupee weakened against the US dollar on Wednesday amid growing concerns over the US-China trade deal and intensifying political unrest in Hong Kong. Rupee fell further after a dismal industrial production number that was released on Monday. Data showed IIP contracted 4.3 percent in September as compared to a contraction by 1.4 percent in August 2019 and a growth of 4.6 percent in factory output in the same month a year back. Meanwhile, Foreign Institutional Investors (FIIs) bought shares worth Rs 664.20 crore on Monday, exchange data showed. The forex market was closed yesterday on account of Guru Nanak Jayanti. On the global front, the dollar clung to most of its recent gains after US President Donald Trump said a trade deal with China was ‘close’ but offered no new details on negotiations to send the greenback higher.
The partially convertible currency is currently trading at 71.68, weaker by 21 paise from its previous close of 71.47 on Monday. The currency touched a high and low of 71.7700 and 71.6550 respectively. The reference rate for the dollar stood at 71.44 and for Euro stood at 78.75 on November 11, 2019. While the reference rate for the Yen stood at 65.57, the reference rate for the Great Britain Pound (GBP) stood at 91.41.
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