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Rupee weakens against US dollar on Friday
Jun-21-2019

Indian rupee weakened against the US dollar on Friday following foreign fund outflows and rising crude prices after Iran said it had shot down a US military drone that was violating its airspace. Foreign funds pulled out Rs 438 crore from capital markets on a net basis Thursday, provisional data showed. Further, subdued sentiments in domestic equity markets also influenced the domestic currency market. However, a weak dollar against major currencies overseas restricted the rupee’s weakness. On the global front, the dollar struggled to get on the front foot on Friday, and was poised for a weekly loss against major currencies after the US Federal Reserve joined global peers with plans to cut interest rates to support flagging economic growth.

The partially convertible currency is currently trading at 69.64, weaker by 20 paise from its previous close of 69.44 on Thursday. The currency touched a high and low of 69.7600 and 69.6300 respectively. The reference rate for the dollar stood at 69.66 and for Euro stood at 77.99 on June 19, 2019. While the reference rate for the Yen stood at 64.34, the reference rate for the Great Britain Pound (GBP) stood at 87.48.

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