Rupee weakens against US dollar on weak domestic equities
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Indian rupee weakened against the US dollar on Wednesday tracking weak domestic equities along with sustained foreign fund outflows in the capital market. Besides, uncertainties around the development of the Covid-19 pandemic situation and the economic recovery too adding more pressure on domestic currency. Further, strong American currency too weighed on rupee sentiment. Exchange data showed that Foreign Institutional Investors (FIIs) sold shares worth Rs 449.86 crore, while Domestic Institutional Investors (DIIs) were net buyers to the tune of Rs 230.49 crore in the Indian equity market on 1 June. However, the daily positivity rate in India has further dropped to 6.57 percent, the Union Health Ministry data showed.
The partially convertible currency is currently trading at 73.22, weaker by 32 paise from its previous close of 72.90 on Tuesday. The currency touched a high and low of 73.3000 and 73.1100 respectively. The reference rate for the dollar stood at 72.80, and for Euro stood 89.06 on May 25, 2021. While the reference rate for the 100 Yen stood at 66.97, the reference rate for the Great Britain Pound (GBP) stood at 103.31.
