Indian rupee weakened against the US dollar on Thursday as investors cautious over the impact of corona virus outbreak on the domestic as well as global economy, with reports showing the number of corona virus cases has crossed 15 lakh with over 88,000 deaths. Rupee sentiment fell further following strong oil prices due to expectations that the world's largest oil producers would agree to cut production at a meeting later in the day. However, firm domestic equities amid hopes that the Centre may announce more measures to boost the economy shaken by corona virus, restricted the major fall in the local unit. Meanwhile, Foreign Institutional Investors (FIIs) bought equity shares worth Rs 1,943.41 crore on Wednesday, exchange data showed.
The partially convertible currency is currently trading at 76.47, weaker by 13 paise from its previous close of 76.34 on Wednesday. The currency touched a high and low of 76.5500 and 76.1100 respectively. The reference rate for the dollar stood at 75.84 and for Euro stood at 82.13 on April 7, 2020. While the reference rate for the Yen stood at 69.68, the reference rate for the Great Britain Pound (GBP) stood at 93.16.
