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Rupee weakens on uncertainty over US-China trade deal
Nov-11-2019

Indian rupee weakened against the US dollar on Monday tracking uncertainty over the US-China trade deal after US President Donald Trump said he has not agreed to roll back tariffs on Chinese imports, dampening recent optimism for a major de-escalation in the Sino-US trade war. Rupee fell further on weak domestic equity market ahead of the September industrial production and manufacturing output data, scheduled to be released on Monday. However, weakness in the US dollar against other currencies overseas, foreign fund inflow, and easing crude oil prices supported the domestic unit and capped its fall. Foreign institutional investors purchased shares worth Rs 932.20 crore on Friday, exchange data showed.

The partially convertible currency is currently trading at 71.36, weaker by 8 paise from its previous close of 71.28 on Friday. The currency touched a high and low of 71.3800 and 71.3150 respectively. The reference rate for the dollar stood at 71.24 and for Euro stood at 78.73 on November 8, 2019. While the reference rate for the Yen stood at 65.21, the reference rate for the Great Britain Pound (GBP) stood at 91.26.

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