Indian rupee weakened against the US dollar on Thursday due to buying in the American currency by banks and importers amid weak domestic equities and as investors fretted over rising number of Covid-19 cases and its impact on the economy. The number of cases around the world linked to the corona virus has crossed over 20 lakh. In India, nearly 12,000 corona virus cases have been reported so far. Meanwhile, Foreign Institutional Investors (FIIs) bought shares worth Rs 1,358.66 crore on Wednesday, as exchange data showed. On the global front, the US dollar rebounded against its major crosses after dire retail and factory data showed the severity of the collapse in US economic activity caused by the corona virus pandemic.
The partially convertible currency is currently trading at 76.76, weaker by 32 paise from its previous close of 76.44 on Wednesday. The currency touched a high and low of 76.8000 and 76.6825 respectively. The reference rate for the dollar stood at 76.36 and for Euro stood at 83.56 on April 13, 2020. While the reference rate for the Yen stood at 70.80, the reference rate for the Great Britain Pound (GBP) stood at 95.36.
