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Published on 7/04/2021 2:03:01 PM | Source: Accord Fintech

Rupee weakens against US dollar on Wednesday

Posted in Currency News| #Rupee #US dollar #Currency News

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Indian rupee weakened against the US dollar on Wednesday, trading in the lowest level of session weighed down by the concerns over economic growth recovery amid recent surge in COVID-19 infections. The local currency also subdued after Reserve Bank of India maintained status quo on policy rates for the fifth time in a row. The central bank kept its key policy repo rate unchanged at 4%. Foreign institutional investors were net sellers in the capital market as they offloaded shares worth Rs 1,092.75 crore in last session. The greenback dipped against its peers with the fall in Treasury yields from recent peaks and on profit booking at higher levels. 

 

The partially convertible currency is currently trading at 73.88, weaker by 46 paise from its previous close of 73.42 on Tuesday. The currency touched a high and low of 73.9500 and 73.5200 respectively. The reference rate for the dollar stood at 73.04, and for Eurostood 85.84 on March 30, 2021. While the reference rate for the 100 Yen stoodat 66.34, the reference rate for the Great Britain Pound (GBP) stood at 100.55.