Indian rupee weakened against the US dollar on Thursday, tracking weak domestic equity market in line with Asian peers as the US Federal Reserve is projecting weak growth for 2020. Indian rupee fell further after S&P Global affirmed that India’s long-term foreign and local currency sovereign credit rating at the lowest investment-grade level while maintaining its stable outlook on the economy. Moreover, rapidly rising corona virus cases in the country and foreign fund outflows also added pressure on investor sentiment. Foreign Institutional Investors (FIIs) sold shares worth Rs 919.26 crore on Wednesday, according to provisional exchange data. The death toll in India due to corona virus pandemic rose to 8,102 and the number of infections rose to 2,86,579, while the number of cases around the world has crossed 73.60 lakh with death toll topped at 4.16 lakh.
The partially convertible currency is currently trading at 75.81, weaker by 22 paise from its previous close of 75.59 on Wednesday. The currency touched a high and low of 75.8425 and 75.7275 respectively. The reference rate for the dollar stood at 75.49 and for Euro stood at 85.15 on June 9, 2020. While the reference rate for the Yen stood at 69.92, the reference rate for the Great Britain Pound (GBP) stood at 95.97.
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