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Rupee weakens on strengthening of American currency overseas
Aug-13-2019

Indian rupee weakened against the US dollar on Tuesday on account of strengthening of the American currency against other currencies overseas, along with weak opening in domestic equities. Further, worries over US-China trade negotiations and global economic outlook too put pressure on the rupee. Though, foreign institutional investors (FIIs) were net buyers in the capital markets, putting in Rs 203.73 crore on Friday, according to provisional exchange data. Forex market remained closed Monday on account of Bakri Id. On the global front, the Japanese yen is trading close to a seven-month high against the dollar, as unrest in Hong Kong and gyrations in Argentina’s markets heightened investor risk aversion and fanned demand for the safe-haven Japanese currency.

The partially convertible currency is currently trading at 71.14, weaker by 36 paise from its previous close of 70.78 on Friday. The currency touched a high and low of 71.1600 and 71.0200 respectively. The reference rate for the dollar stood at 70.51 and for Euro stood at 78.90 on August 9, 2019. While the reference rate for the Yen stood at 66.58, the reference rate for the Great Britain Pound (GBP) stood at 85.60.

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