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Rupee weakens against US dollar on Wednesday

24 Jun 2020 Evaluate

Indian rupee weakened against the US dollar on Wednesday as corona virus cases looked to be accelerating to new peaks. The health ministry data showed that the death toll in India due to corona virus rose to 14,476 and the number of infections spiked to 456,183, while the number of cases around the world has crossed 92.40 lakh with the death toll topped at 4.76 lakh. Though, Oil's weakness and foreign capital inflows supported the rupee and restricted its fall. Foreign Institutional Investors (FIIs) bought shares worth Rs 168.96 crore on Tuesday, exchange data showed. Meanwhile, the top Indian and Chinese military commanders have arrived at a mutual consensus on the outstanding issues and agreed to take necessary measures to cool down the situation at their borders. On the global front, the US dollar declined after upbeat data in Europe boosted the euro and helped stoke hopes for a global economic recovery, underpinning investor appetite for riskier currencies.

The partially convertible currency is currently trading at 75.72, weaker by 6 paise from its previous close of 75.66 on Tuesday. The currency touched a high and low of 75.7325 and 75.5950 respectively. The reference rate for the dollar stood at 76.06 and for Euro stood at 85.19 on June 22, 2020. While the reference rate for the Yen stood at 71.13, the reference rate for the Great Britain Pound (GBP) stood at 94.20.

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