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Rupee weakens against US dollar on Thursday

20 Feb 2020 Evaluate

Indian rupee weakened against US dollar on Thursday, on account of weakness in domestic equities and strength in the American currency against its major crosses. Foreign institutional investors (FIIs) sold equities worth Rs 190.66 crore on Wednesday, exchange data showed. Meanwhile, currency markets were shut on Wednesday on account of Chhatrapati Shivaji Maharaj Jayanti. Though, fall in corona virus cases and expectations of more Chinese stimulus to offset the economic impact of the epidemic, capped further losses. The death toll from the corona virus climbed above 2,000, but the number of newly reported cases fell for a second day to the lowest since January.

The partially convertible currency is currently trading at 71.61, weaker by 5 paise from its previous close of 71.56 on Tuesday. The currency touched a high and low of 71.8050 and 71.5950 respectively. The reference rate for the dollar stood at 71.40 and for Euro stood at 77.36 on February 18, 2020. While the reference rate for the Yen stood at 65.04, the reference rate for the Great Britain Pound (GBP) stood at 92.81.

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