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Rupee weakens against US dollar on Thursday

30 Jul 2020 Evaluate

Indian rupee weakened against the US dollar on Thursday, despite firm domestic equities after US Federal Reserve kept interest rates unchanged and reiterated a pledge to use its full range of tools to support the US economy battered by the corona virus pandemic. Further, Foreign institutional investors (FIIs) offloaded shares worth Rs 352.62 crore on Wednesday, exchange data showed. Though, surging corona virus cases globally and Sino-US friction weighed on investor sentiment and capped rupee's gains. On the global front, the US dollar weakened as investors grew nervous about the economic drag of surging corona virus cases in the United States, and looked to a fiscal rescue package stalled in Congress for another stimulus hit.

The partially convertible currency is currently trading at 74.85, weaker by 5 paise from its previous close of 74.80 on Wednesday. The currency touched a high and low of 74.8800 and 74.8000 respectively. The reference rate for the dollar stood at 74.74 and for Euro stood at 87.72 on July 28, 2020. While the reference rate for the Yen stood at 70.83, the reference rate for the Great Britain Pound (GBP) stood at 96.15.

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