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Rupee trades flat against US dollar on Wednesday
Jan-22-2020

Indian rupee was trading almost flat against the US dollar on Wednesday as the US dollar strengthens against its major global currencies. Weak domestic stock markets following a slew of weak earnings from top companies and as the International Monetary Fund (IMF) cut its growth forecast for India's GDP, pressured rupee sentiment. IMF cut its GDP growth estimate for the current financial year by 130 basis points to 4.8% and for 2020-21 to 5.8% from 7.0% earlier. The mood was further dampened over a new strain of coronavirus in China that sent a ripple of risk aversion through markets. Meanwhile, Foreign Institutional Investors (FIIs) sold equities worth Rs 50.08 crore on a net basis on Tuesday, exchange data showed.

The partially convertible currency is currently trading flat at its previous close of 71.21 on Tuesday. The currency touched a high and low of 71.2075 and 71.1625 respectively. The reference rate for the dollar stood at 71.05 and for Euro stood at 78.87 on January 20, 2020. While the reference rate for the Yen stood at 64.49, the reference rate for the Great Britain Pound (GBP) stood at 92.33.

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