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Rupee weakens against US dollar on Friday
Jan-17-2020

Indian rupee weakened against the US dollar on Friday, tracking a weak opening in domestic equities driven by telecom and banking stocks after the Supreme Court dismissed the pleas of telecom majors, including Bharti Airtel and Vodafone Idea, seeking review of certain directions of the apex court on recovery of past dues amounting to Rs 1.47 lakh crore from telecom service providers. Further, rise in crude oil prices and foreign fund outflows too weighed on the domestic currency. Foreign institutional investors (FIIs) sold shares worth Rs 395.24 crore on Thursday, exchange data showed. On the global front, the dollar gained as upbeat US retail sales and jobs data suggested the world's largest economy maintained a moderate growth pace at the end of 2019, reaching an eight-month peak against the safe-haven yen, while the yuan got a lift after China's economic data brightened the mood already cheered by a US-China trade deal.

The partially convertible currency is currently trading at 70.97, weaker by 4 paise from its previous close of 70.93 on Thursday. The currency touched a high and low of 71.00 and 70.94 respectively. The reference rate for the dollar stood at 70.87 and for Euro stood at 78.90 on January 15, 2020. While the reference rate for the Yen stood at 64.47, the reference rate for the Great Britain Pound (GBP) stood at 92.37.

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