Rupee weakens against US dollar on Wednesday

The rupee weakened against US dollar on Wednesday amid heavy selling in domestic equities, unabated foreign fund outflows, and rising crude oil prices. Foreign institutional investors (FIIs) remained net sellers in the capital markets, pulling out Rs 644.59 crore on Tuesday, provisional data with the exchanges showed. Besides, strengthening of the American currency against other currencies overseas kept the pressure on the domestic unit. On the global front, the dollar held firm, as a wait-and-see mood prevailed, with traders looking ahead to the outcome of the Federal Reserve’s meeting later in the day when policymakers are expected to cut interest rates for the first time since 2008.

The partially convertible currency is currently trading at 68.87, weaker by 2 paise from its previous close of 68.85 on Tuesday. The currency touched a high and low of 68.9450 and 68.8500 respectively. The reference rate for the dollar stood at 68.90 and for Euro stood at 76.65 on July 29, 2019. While the reference rate for the Yen stood at 63.42, the reference rate for the Great Britain Pound (GBP) stood at 85.21.

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