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Rupee weakens on increased demand for American currency from importers, banks
Feb-14-2019

Indian rupee weakened against the US dollar on Thursday on increased demand for the American currency from importers and banks amid rising global crude prices. Besides, a strong dollar in overseas markets and weak domestic equity market too weighed on the domestic unit. On a net basis, foreign investors withdrew Rs 676.63 crore from stocks on Wednesday, according to provisional FPI data. On the global front, the dollar held near three-month highs versus the euro, supported by sustained strength in core US inflation and weaker-than-expected data out of Europe. While headline US inflation logged its weakest pace in 1-1/2-years in January, traders focused on the core price gauge, which was up for the third straight month, giving the dollar some impetus.

The partially convertible currency is currently trading at 70.84, weaker by 4 paise from its previous close of 70.80 on Wednesday. The currency touched a high and low of 71.0050 and 70.7950 respectively. The reference rate for the dollar stood at 70.55 and for Euro stood at 79.95 on February 13, 2019. While the reference rate for the Yen stood at 63.78, the reference rate for the Great Britain Pound (GBP) stood at 91.13.

Date1US$1GBP
February 13, 201970.554791.1327
February 12, 201970.935391.2620

(Reference Rate)

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