Indian rupee weakened against the US dollar on Wednesday due to some buying in American currency by banks and importers, though rising Brent prices and firmness in US dollar weighed on rupee. Further, concerns over prolonged period of uncertainty as corona virus cases rise, too pressuring rupee sentiment. There are more than 14.30 lakh declared cases of corona virus worldwide. India’s Corona virus cases crossed the 5000-mark with the total infections rising to 5,194 including 149 deaths. Meanwhile, market participants will be keeping an eye on inflation number that will be released next week. Foreign institutional investors (FIIs) bought shares worth Rs 741.77 crore on Tuesday, as exchange data showed. On the global front, US dollar gained against its major crosses ahead of the important FOMC meeting minutes that will be released later today. The market is also eying the initial jobless claims data that will be released tomorrow.
The partially convertible currency is currently trading at 75.95, weaker by 31 paise from its previous close of 75.64 on Tuesday. The currency touched a high and low of 75.9500 and 75.81 respectively. The reference rate for the dollar stood at 75.82 and for Euro stood at 82.21 on April 3, 2020. While the reference rate for the Yen stood at 70.27, the reference rate for the Great Britain Pound (GBP) stood at 93.88.
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