Rupee weakens against US dollar on Friday
Indian rupee weakened against the US dollar on Friday tracking weakness in Asian currencies. Rupee fell further as central bank's plan to purchase Rs 1 lakh crore ($14 billion) worth government bonds in the current quarter dented rupee sentiments. While worries about a rapid resurgence of Covid-19 cases in the country too added more pressure on domestic currency. However, Foreign Institutional Investors (FIIs) acquired shares worth Rs 110.85 crore and domestic institutional investors (DIIs) also bought shares worth Rs 552.78 crore on a net basis in cash market on Thursday, exchange data showed. On the global front, unexpectedly strong economic data in Europe, downbeat US jobs figures and the Fed’s accommodative stance have prompted investors to unwind some bets on the American currency.
The partially convertible currency is currently trading at 74.88, weaker by 30 paise from its previous close of 74.58 on Thursday. The currency touched a high and low of 74.8825 and 74.5300 respectively. The reference rate for the dollar stood at 73.50, and for Euro stood 86.09 on March 31, 2021. While the reference rate for the 100 Yen stood at 66.36, the reference rate for the Great Britain Pound (GBP) stood at 100.95.
