Indian rupee weakened against the US dollar on Monday due to buying in American currency by banks and exporters. Rupee fell further by tracking muted opening in domestic equities. Meanwhile, investors are focused on the Sino-US trade agreement as the two countries plan to sign the first-phase of deal in next month. Though, Foreign Institutional Investors (FIIs) bought shares worth Rs 338.86 crore on Friday, exchange data showed. On the global front, the dollar held firm at start of holiday-thinned week after US data pointed to solid economic growth while the British pound found some stability after having suffered its biggest weekly fall in three years. Data showed the US economy in Q3 grew 2.1 percent annualised rate as compared to 2 percent growth in the previous quarter.
The partially convertible currency is currently trading at 71.17, weaker by 5 paise from its previous close of 71.12 on Friday. The currency touched a high and low of 71.2000 and 71.1350 respectively. The reference rate for the dollar stood at 71.15 and for Euro stood at 79.10 on December 20, 2019. While the reference rate for the Yen stood at 65.09, the reference rate for the Great Britain Pound (GBP) stood at 92.61.
