Rupee weakens against US dollar tracking heavy selloff in domestic equities
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Rupee weakened against the US dollar on Monday tracking heavy selloff in domestic equities amid economic recovery fears following rapid resurgence of Corona-virus cases in the country, while states and union territories imposed weekend curfews, night curfews and partial lockdown also added pressure on rupee sentiment. The Union Health Ministry Data showed India's total tally of Covid-19 cases crossed 1.50 crore with a record single-day rise of 273,810 new corona-virus infections, and the active cases surpassed the 19-lakh mark. Meanwhile the national Covid-19 recovery rate has dropped to 86%. However, Foreign Institutional Investors (FIIs) bought shares worth Rs 437.51 crore, and Domestic Institutional Investors (DIIs) were also net buyers to the tune of Rs 657.55 crore in the Indian equity market on Friday, exchange data showed. On the global front, the US dollar was traded near a one-month low and Treasury yields hovering near the lowest in five weeks after the US Federal Reserve officials reiterated last week its view that any spike in inflation was likely to be temporary.
The partially convertible currency is currently trading at 74.88, weaker by 53 paise from its previous close of 74.35 on Friday. The currency touched a high and low of 74.9400 and 74.7900 respectively. The reference rate for the dollar stood at 74.88, and for Euro stood 89.04 on April 9, 2021. While the reference rate for the 100 Yen stood at 68.43, the reference rate for the Great Britain Pound (GBP) stood at 102.61.
