Indian rupee weakened against the US dollar on Wednesday amid strengthening American currency overseas. Moreover, concerns over sharp rise in corona virus cases in the country also weighed on the domestic unit. Corona virus cases in the country inched towards the 50,000-mark as the country registered 49,391 cases, including 1,694, according to the latest figures from the Union Health Ministry. The number of cases around the world linked to the disease has crossed over 36.63 lakh and the death toll has topped 2.57 lakh. Foreign Institutional Investors (FIIs) sold equity shares worth Rs 1,059.39 crore on Tuesday, exchange data showed. Meanwhile, market participants are still in hope for the stimulus package by the government. The expectation is that the government could cap spending on the stimulus package to about $60 billion due to concerns that excess spending could trigger a sovereign rating downgrade.
The partially convertible currency is currently trading at 75.74, weaker by 11 paise from its previous close of 75.63 on Tuesday. The currency touched a high and low of 75.8100 and 75.7225 respectively. The reference rate for the dollar stood at 75.79 and for Euro stood at 82.83 on May 4, 2020. While the reference rate for the Yen stood at 70.99, the reference rate for the Great Britain Pound (GBP) stood at 94.21.
