Rupee weakens against US dollar on heavy selling in domestic equities
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Indian rupee weakened against US dollar on Monday tracking heavy selling in domestic equities as rising Covid-19 cases continue to weigh on market sentiment. Data showed Maharashtra remains the worst-affected state with 63,294 new cases and 349 deaths in the last 24 hours. The Maharashtra state government is likely to take a call on announcing a complete lockdown in the state this week. Further, rising crude oil prices and foreign fund outflows also put downward pressure on the rupee sentiments. Foreign Institutional Investors (FIIs) offloaded shares worth Rs 653.51 crore on Friday, exchange data showed.
The partially convertible currency is currently trading at 74.83, weaker by 10 paise from its previous close of 74.73 on Friday. The currency touched a high and low of 75.1450 and 74.7800 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.
