Indian rupee weakened against the US dollar on Monday on account of buying in American currency by banks and importers, despite firm domestic equities as select factories and construction work are set to resume. Further, strengthening of the US dollar overseas and sharp rise in corona virus cases in the country, too weighed on rupee sentiment. Meanwhile, market participants are waiting for an announcement from the finance minister on the stimulus package to support MSMEs. Foreign institutional investors (FIIs) sold shares worth Rs 1,391.98 crore on Friday, exchange data showed.
The partially convertible currency is currently trading at 76.63, weaker by 24 paise from its previous close of 76.39 on Friday. The currency touched a high and low of 76.6425 and 76.4300 respectively. The reference rate for the dollar stood at 76.54 and for Euro stood at 83.05 on April 17, 2020. While the reference rate for the Yen stood at 71.04, the reference rate for the Great Britain Pound (GBP) stood at 95.46.
