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Rupee weakens against US dollar on Monday
Aug-19-2019

Indian rupee weakened against the US dollar on Monday, despite gains in domestic equities and some selling in American currency by banks and exporters. Foreign institutional investors (FIIs) remained net sellers in the capital markets, pulling out Rs 1,339.27 crore on Friday, according to provisional exchange data. Though, Trump’s chief economic advisor comments that the Washington and Beijing are working actively to revive negotiations aimed at ending the trade war that has rattled world markets, supported the domestic currency and restricted the fall. On the global front, Safe-haven currencies such as the yen and Swiss franc were under pressure as expectations that policymakers would unleash new stimulus eased immediate concerns about a slowing global economy.

The partially convertible currency is currently trading at 71.28, weaker by 14 paise from its previous close of 71.14 on Friday. The currency touched a high and low of 71.2900 and 71.0550 respectively. The reference rate for the dollar stood at 71.28 and for Euro stood at 79.14 on August 16, 2019. While the reference rate for the Yen stood at 67.17, the reference rate for the Great Britain Pound (GBP) stood at 86.32.

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