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Rupee weakens against US dollar on Wednesday

08 Jul 2020 Evaluate

Indian rupee weakened against the US dollar on Wednesday as weak domestic equities, strengthening American currency, and concerns over surging corona virus cases worldwide have kept the domestic currency subdued. Health ministry data showed the death toll in India due the corona virus rose to 20,642 and the number of infections stood at 742,417, while the number of cases around the world has crossed 1.17 crore with the death toll topped at 5.43 lakh. Though, steady crude oil prices and foreign fund inflows supported the rupee and capped its fall. Foreign Institutional Investors (FIIs) bought shares worth Rs 829.90 crore on Tuesday, exchange data showed. On the global front, the US dollar gained as a resurgence of the corona virus in the United States and the return of lockdowns in some countries boosted safe-haven demand for the US currency.

The partially convertible currency is currently trading at 75.02, weaker by 9 paise from its previous close of 74.93 on Tuesday. The currency touched a high and low of 75.0525 and 74.8700 respectively. The reference rate for the dollar stood at 74.68 and for Euro stood at 84.31 on July 06, 2020. While the reference rate for the Yen stood at 69.35, the reference rate for the Great Britain Pound (GBP) stood at 93.35.

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