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Rupee weakens on strengthening of American currency overseas
Jan-27-2020

Indian rupee weakened against the US dollar on Monday amidst strengthening of the American currency overseas. Rupee fell further by tracking weakness in domestic as well as global equities as investors grew increasingly anxious about the economic impact of China’s spreading Coronavirus outbreak. Though, easing crude prices and foreign fund inflows supported the domestic unit and restricted its downfall. Foreign Institutional Investors (FIIs) bought shares worth Rs 659.11 crore on Friday, exchange data showed. On the global front, the yuan fell in offshore trade to its lowest level in three weeks as the death toll in China from the spread of a new coronavirus mounted, raising worries authorities are struggling to contain the outbreak and sparking a bout of risk aversion.

The partially convertible currency is currently trading at 71.41, weaker by 8 paise from its previous close of 71.33 on Friday. The currency touched a high and low of 71.5100 and 71.4050 respectively. The reference rate for the dollar stood at 71.24 and for Euro stood at 78.69 on January 24, 2020. While the reference rate for the Yen stood at 65.04, the reference rate for the Great Britain Pound (GBP) stood at 93.50.

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