Indian rupee weakened against the US dollar on Wednesday following highly volatile trading, while investors are remained cautious ahead of the important growth number that will be released next week. Rupee fell further, despite persistent foreign fund inflow with data showed Foreign Institutional Investors (FIIs) bought shares worth Rs 1,481.20 crore on Tuesday. Meanwhile domestic institutional investors (DIIs) sold shares of worth Rs 172.97 crore in the Indian equity market. Though, positive global cues on easing trade tensions between the world’s two largest economies after Washington and Beijing affirmed their trade deal, supported domestic currency and capped its fall.
The partially convertible currency is currently trading at 74.38, weaker by 5 paise from its previous close of 74.33 on Tuesday. The currency touched a high and low of 74.3900 and 74.2450 respectively. The reference rate for the dollar stood at 74.82 and for Euro stood at 88.29 on August 24, 2020. While the reference rate for the Yen stood at 70.70, the reference rate for the Great Britain Pound (GBP) stood at 98.05.
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