Indian rupee weakened against the US dollar on Friday amid strengthening of the American currency against other currencies overseas. Besides, rising crude oil prices too weighed on domestic currency. Rupee fell further after the Reserve Bank of India said it will conduct a simultaneous sale and purchase of bonds, in a move seen by market participants as an attempt to bring longer-term yields lower. Though, sustained foreign fund inflows added support to local unit and restricted its down move. Foreign institutional investors (FIIs) bought equities worth Rs 739.43 crore on Thursday, exchange data showed.
The partially convertible currency is currently trading at 71.17, weaker by 14 paise from its previous close of 71.03 on Thursday. The currency touched a high and low of 71.1750 and 71.0400 respectively. The reference rate for the dollar stood at 71.06 and for Euro stood at 79.13 on December 18, 2019. While the reference rate for the Yen stood at 64.93, the reference rate for the Great Britain Pound (GBP) stood at 93.12.
