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Rupee weakens against US dollar tracking Asian cues
Jan-15-2020

Indian rupee weakened against the US dollar on Wednesday, tracking losses in Asian currencies on reports that the US would likely to maintain tariffs on Chinese goods until after the US presidential election in November. US officials in a statement said the trade deal with China set to be signed on January 15 does not include a deal to roll back tariffs imposed on most Chinese goods. Furthermore, weak domestic equities and foreign fund outflows too weighed on the domestic currency. Foreign Institutional Investors (FIIs) remained net sellers in the capital markets, as they sold shares worth Rs 205.56 crore on Tuesday, exchange data showed. Though, easing crude oil prices and weakening of the American currency supported the rupee and capped its losses to some extent.

The partially convertible currency is currently trading at 70.92, weaker by 5 paise from its previous close of 70.87 on Tuesday. The currency touched a high and low of 71.0150 and 70.9025 respectively. The reference rate for the dollar stood at 70.81 and for Euro stood at 78.80 on January 13, 2020. While the reference rate for the Yen stood at 64.59, the reference rate for the Great Britain Pound (GBP) stood at 92.25.

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