Rupee weakens against US dollar on Monday
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Indian rupee weakened against the US dollar on Monday, despite buying seen in domestic equities following weakness in American currency overseas. However, selling of American currency by bankers and exporters, continuous decline in Covid-19 cases in the country and FII buying also lifted sentiments and capped further fall in rupee. Foreign Institutional Investors (FIIs) bought shares worth Rs 913.59 crore, while Domestic Institutional Investors (DIIs) were also net buyers to the tune of Rs 1,275.22 crore in the Indian equity market on 28 May, exchange data showed.
The partially convertible currency is currently trading at 72.49, weaker by 4 paise from its previous close of 72.45 on Friday. The currency touched a high and low of 72.4950 and 72.3450 respectively. The reference rate for the dollar stood at 73.02, and for Euro stood 89.30 on May 21, 2021. While the reference rate for the 100 Yen stood at 67.14, the reference rate for the Great Britain Pound (GBP) stood at 103.61.
