Rupee weakens against US dollar on Tuesday
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Indian rupee weakened against the US dollar on Tuesday, though buoyed back to key 72 zone amid RBI's deft policy manoeuvring and on rise in foreign fund inflows. Some losses also got capped amid optimism over vaccines, curtailed lockdown restrictions, infusion of stimulus by governments and central banks all over the world. Rupee had breached record low of 76.90 due to pandemic-induced massive sell-off in the equity market. Globally, the greenback got support due to its safe-haven investment appeal amid concerns over the potential fallout from the collapse of a hedge fund, identified as Archegos Capital.
The partially convertible currency is currently trading at 72.80, weaker by 29 paise from its previous close of 72.51 on Friday. The currency touched a high and low of 72.8500 and 72.7725 respectively. The reference rate for the dollar stood at 72.61, and for Euro stood 85.81 on March 25, 2021. While the reference rate for the Yen stood at 66.63, the reference rate for the Great Britain Pound (GBP) stood at 99.36.
