Rupee weakens against US dollar on Friday

The Indian rupee weakened against the US dollar on Friday, following a rise in crude oil prices in international markets. Besides, strengthening of the American currency in the overseas market and cautious opening in domestic equities added pressure to the domestic currency. Though, foreign fund inflows supported the domestic currency. Foreign institutional investors (FIIs) remained net buyers in the capital markets, putting in Rs 172.35 crore Thursday, as per provisional data. On the global front, the dollar trod water on Friday and was set to show a weekly rise as investor focus turned to next week’s Federal Reserve meeting for hints on a possible rate cut in light of rising risks to trade and global growth.

The partially convertible currency is currently trading at 69.56, weaker by 6 paise from its previous close of 69.50 on Thursday. The currency touched a high and low of 69.6175 and 69.5200 respectively. The reference rate for the dollar stood at 69.40 and for Euro stood at 78.70 on June 12, 2019. While the reference rate for the Yen stood at 64.07, the reference rate for the Great Britain Pound (GBP) stood at 88.32.

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