Rupee weakens sharply on heavy selling in domestic equities
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Indian rupee weakened sharply against US dollar on Friday tracking heavy selling in the domestic equities as investors remained cautious amid an overnight drop on Wall Street. Most of the Asian currencies have started weak this morning, while month-end dollar demand and rising crude oil prices are also weighed on rupee sentiments. Besides, surging US Treasury yields which lifted the American currency from the 3-year lows also added pressure on the local currency. Moreover, Foreign Institutional Investors (FIIs) bought shares worth Rs 188.08 crore on Thursday, exchange data showed.
The partially convertible currency is currently trading at 73.01, weaker by 58 paise from its previous close of 72.43 on Thursday. The currency touched a high and low of 73.1000 and 72.4300 respectively. The reference rate for the dollar stood at 72.29, and for Euro stood 87.82 on February 24, 2021. While the reference rate for the Yen stood at 68.51, the reference rate for the Great Britain Pound (GBP) stood at 102.37.
