Indian rupee weakened against the US dollar on Thursday on account of sustained rise in crude oil prices and foreign fund outflows. Foreign institutional investors (FIIs) sold shares worth Rs 58.87 crore on Wednesday, exchange data showed. Rupee fell further on some buying in American currency by banks and importers, while firm domestic equities supported the rupee and restricted its fall. On the global front, the dollar started the New Year where it left the old one, on the back foot as investors wagered US economic outperformance might be drawing to a close as optimism on trade brightens the outlook for growth globally.
The partially convertible currency is currently trading at 71.34, weaker by 12 paise from its previous close of 71.22 on Wednesday. The currency touched a high and low of 71.3525 and 71.2650 respectively. The reference rate for the dollar stood at 71.27 and for Euro stood at 79.88 on December 31, 2019. While the reference rate for the Yen stood at 65.59, the reference rate for the Great Britain Pound (GBP) stood at 93.48.
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