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Rupee weakens against US dollar on Thursday

04 Jun 2020 Evaluate

Indian rupee weakened against the US dollar on Thursday as strengthening American currency overseas and Sino-US trade tensions weighed on investor sentiments. Moreover, biggest jump in corona virus cases in the country too added pressure on the rupee. The death toll in India due to corona virus rose to 6,075 and the number of the number of infections rose to 2,16,919, while the number of cases around the world crossed 64.32 lakh with death toll topped at 3.85 lakh. Though, sustained foreign fund flows and the revival of business activities supported the local unit and restricted its fall. Foreign Institutional Investors (FIIs) bought equity shares worth Rs 1,851.12 crore on Wednesday, exchange data showed.

The partially convertible currency is currently trading at 75.53, weaker by 6 paise from its previous close of 75.47 on Wednesday. The currency touched a high and low of 75.6200 and 75.4300 respectively. The reference rate for the dollar stood at 75.58 and for Euro stood at 84.11 on June 02, 2020. While the reference rate for the Yen stood at 70.16, the reference rate for the Great Britain Pound (GBP) stood at 94.63.  

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