Rupee weakens against US dollar on strong American currency overseas
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Indian rupee weakened against the US dollar on Monday amid strong American currency overseas. Further, weakness in domestic equities due to surging corona-virus cases in the country along with weaker-than-expected performance of Bharatiya Janata Party in State elections, particularly Bengal, also weighed on investor sentiment. Moreover, foreign fund outflows too kept the sentiments bearish. Foreign Institutional Investors (FIIs) offloaded shares worth Rs 3,465.07 crore, while Domestic Institutional Investors (DIIs) bought shares worth Rs 1,419.31 crore on Friday, exchange data showed.
The partially convertible currency is currently trading at 74.17, weaker by 8 paise from its previous close of 74.09 on Friday. The currency touched a high and low of 74.3300 and 74.1550 respectively. The reference rate for the dollar stood at 74.91, and for Euro stood 90.08 on April 23, 2021. While the reference rate for the Yen stood at 69.4, the reference rate for the Great Britain Pound (GBP) stood at 103.80.
