Indian rupee weakened against the US dollar on Monday, tracking weakness in oil prices on supply glut concerns and another wave of corona virus infection that again surfaces economic gloom looming and fails to offset out positives due to supply cut by major oil producers globally. In India, the death toll due to corona virus rose to 2,206 and the number of cases climbed to 67,152 in the country, according to the Health Ministry. Meanwhile, the number of cases around the world linked to the disease has crossed over 41.02 lakh and the death toll has topped 2.8 lakh. However, firm domestic equities and significant foreign fund inflows supported the domestic currency and restricted the fall. Foreign institutional investors (FIIs) bought equity shares worth Rs 1,724.71 crore on Friday, exchange data showed. On the global front, the US dollar rose against most of its major peers as moves by the United States and other countries to re-open their economies raised hopes for a quicker global recovery from a deep recession triggered by the corona virus health crisis.
The partially convertible currency is currently trading at 75.77, weaker by 23 paise from its previous close of 75.54 on Friday. The currency touched a high and low of 75.7750 and 75.5500 respectively. The reference rate for the dollar stood at 75.44 and for Euro stood at 81.79 on May 8, 2020. While the reference rate for the Yen stood at 70.93, the reference rate for the Great Britain Pound (GBP) stood at 93.49.
