Rupee weakens against US dollar on Thursday
Indian rupee weakened against the US dollar on Thursday tracking weakness in Asian currencies. However, weakness in the American currency overseas and sustained foreign fund inflows into Indian Capital market have capped the fall in rupee’s value. Foreign Institutional Investors (FIIs) bought shares worth a massive Rs 28,739.17 crore, while Domestic Institutional Investors (DIIs) were net buyers to the tune of Rs 230.44 crore in the Indian equity market on 24 February, exchange data showed. On the global front, The US dollar hit fresh three-year lows as continued dovish signals from the Federal Reserve stoked reflation bets. Jerome Powell said Tuesday that inflation was still soft and that the US economy was a long way from its employment and inflation goals.
The partially convertible currency is currently trading at 72.39, weaker by 4 paise from its previous close of 72.35 on Wednesday. The currency touched a high and low of 72.4100 and 72.3400 respectively. The reference rate for the dollar stood at 72.37, and for Euro stood 88.05 on February 23, 2021. While the reference rate for the Yen stood at 68.86, the reference rate for the Great Britain Pound (GBP) stood at 101.80.
