Indian rupee weakened against the US dollar on Thursday, as participants remained cautious ahead of the important GDP and fiscal deficit number that will be released tomorrow evening. However, sustained inflows by foreign funds, easing crude oil prices, and firm domestic equities supported the domestic currency and restricted its downside. Foreign institutional investors (FIIs) bought shares worth Rs 42.93 crore on Wednesday, exchange data showed. On the global front, the safe-haven yen rose against the US dollar after US President Donald Trump signed a bill in support of Hong Kong pro-democracy protestors, which could complicate efforts to end the Sino-US trade war.
The partially convertible currency is currently trading at 71.50, weaker by 15 paise from its previous close of 71.35 on Wednesday. The currency touched a high and low of 71.5025 and 71.3250 respectively. The reference rate for the dollar stood at 71.59 and for Euro stood at 78.85 on November 26, 2019. While the reference rate for the Yen stood at 65.70, the reference rate for the Great Britain Pound (GBP) stood at 92.32.
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