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Rupee weakens against US dollar on Monday

03 Aug 2020 Evaluate

Indian rupee weakened against the US dollar on Monday amid weak domestic equities following mixed cues from global equities. Further, strengthening American currency against its peers and foreign fund outflow has also added pressure on the rupee. Foreign institutional investors (FIIs) offloaded shares worth Rs 958.64 crore on Friday, exchange data showed. Meanwhile, the number of corona virus cases around the world has crossed 1.80 crore, and in India the number of infections topped at 18-lakh mark. On the global front the US dollar ticked up, despite mounting concerns about a slowing US economic recovery from corona virus epidemic.

The partially convertible currency is currently trading at 74.93, weaker by 12 paise from its previous close of 74.81on Friday. The currency touched a high and low of 74.9450 and 74.8850 respectively. The reference rate for the dollar stood at 74.77 and for Euro stood at 88.87 on July 31, 2020. While the reference rate for the Yen stood at 71.64, the reference rate for the Great Britain Pound (GBP) stood at 98.17.

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