Rupee weakens marginally against US dollar on Tuesday

The Indian rupee weakened marginally against the US dollar on Tuesday, amid sustained foreign fund outflows and rising crude oil prices. Further, strengthening of the US dollar against other currencies overseas kept the pressure on the domestic currency. Though, a positive opening in domestic equities supported the local unit and restricted the fall. Meanwhile, market participants are awaiting cues from the Federal Open Market Committee (FOMC) meeting on July 31. There are hopes that the central bank could consider cutting rates by 25 basis points and maintain a dovish stance. A dovish outlook by the Federal Reserve could keep the dollar weighed down against its major crosses. Market participants are also looking forward to the US and China trade talks, which can impact the rupee movement. On the global front, the yen held near a three-week low as pared expectations for aggressive Federal Reserve cuts supported the dollar and ahead of a Bank of Japan meeting, which is seen as a key test for policymakers amid a global monetary easing cycle. While against a basket of six major currencies, the dollar traded near a two-month high.

The partially convertible currency is currently trading at 68.76, weaker by 1 paise from its previous close of 68.75 on Monday. The currency touched a high and low of 68.7975 and 68.7150 respectively. The reference rate for the dollar stood at 69.06 and for Euro stood at 76.94 on July 26, 2019. While the reference rate for the Yen stood at 63.58, the reference rate for the Great Britain Pound (GBP) stood at 85.84.

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