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Rupee weakens against US dollar on Tuesday

21 Jan 2020 Evaluate

Indian rupee weakened against the US dollar on Tuesday, tracking a weak domestic equity market followed by weak growth forecast by IMF and disappointing Q3 earnings results from index heavyweights. Though, dollar’s weakness against other major currencies overseas and softening crude prices supported rupee sentiment and restricted its fall. Meanwhile, Foreign Institutional Investors (FIIs) bought shares worth Rs 5.87 crore on Monday, exchange data showed. On the global front, the yen pulled ahead and the yuan fell against the dollar as the spread of a pneumonia-like virus in China sparked a sudden bout of risk aversion and sent Asian stocks skidding.

The partially convertible currency is currently trading at 71.19, weaker by 8 paise from its previous close of 71.11 on Monday. The currency touched a high and low of 71.22 and 71.13 respectively. The reference rate for the dollar stood at 71.04 and for Euro stood at 79.13 on January 17, 2020. While the reference rate for the Yen stood at 64.45, the reference rate for the Great Britain Pound (GBP) stood at 92.94.

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