Indian rupee weakened against the US dollar on Friday amid strengthening of the American currency in the overseas market. Further, weak domestic equities following the release of weaker-than-expected economic data too weighed on domestic currency. Moreover, a sharp rise in the number of corona virus cases in China as thousands more were diagnosed due to a new testing methodology, also pressurized the rupee. Though, easing crude oil prices and foreign fund inflows supported the domestic unit and restricted its fall. Foreign institutional investors (FIIs) bought shares worth Rs 1,061.39 crore on Thursday, exchange data showed. On the global front, the Japanese yen gained against the US dollar as renewed worries about the corona virus outbreak supported demand for safe-haven currencies and weighed on prices of riskier assets.
The partially convertible currency is currently trading at 71.39, weaker by 13 paise from its previous close of 71.26 on Thursday. The currency touched a high and low of 71.3950 and 71.2900 respectively. The reference rate for the dollar stood at 71.25 and for Euro stood at 77.73 on February 12, 2020. While the reference rate for the Yen stood at 64.86, the reference rate for the Great Britain Pound (GBP) stood at 92.31.
