Indian rupee weakened against the US dollar on Tuesday, tracking weak domestic equities as the country remained in the third phase of an extended lockdown to curb the spread of the corona virus pandemic. Further, weakness in global markets and strengthening American currency overseas too weighed on investor sentiment. Meanwhile, investors are keeping an eye on inflation and Index of Industrial Production number that will be released later in the day. Though, Foreign Institutional Investors (FIIs) bought equity shares worth Rs 534.87 crore on Monday, exchange data showed.
The partially convertible currency is currently trading at 75.86, weaker by 13 paise from its previous close of 75.73 on Monday. The currency touched a high and low of 75.95 and 75.83 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.
