Indian rupee weakened against the US dollar on Friday, due to some buying in American currency by banks and importers. Rupee fell further by tracking weak global markets after a potential antiviral drug for the corona virus has reportedly failed in its first randomised clinical trial. Meanwhile, market participants are concerned that the sharp rise in corona virus cases could weigh on the global as well as domestic economy. The number of cases around the world linked to the new corona virus has crossed over 27 lakh. In India, over 23,000 cases have been reported so far. Foreign Institutional Investors (FIIs) sold shares worth Rs 114.58 crore on Thursday, exchange data showed.
The partially convertible currency is currently trading at 76.47, weaker by 41 paise from its previous close of 76.06 on Thursday. The currency touched a high and low of 76.4750 and 76.1650 respectively. The reference rate for the dollar stood at 76.80 and for Euro stood at 83.38 on April 22, 2020. While the reference rate for the Yen stood at 71.41, the reference rate for the Great Britain Pound (GBP) stood at 94.51.
