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Rupee weakens marginally against US dollar on Thursday

27 Aug 2020 Evaluate

Indian rupee weakened marginally against the US dollar on Thursday on account of Reserve Bank of India Governor Shaktikanta Das' address today. While, investors also eyeing on US Fed Chair Jerome Powell’s speech later in the day. Further, tensions between US-China flared up again as Washington blacklisted 24 Chinese companies while Beijing reportedly test fired missiles into the South China Sea on Wednesday. Though, gains in domestic equities and persistent foreign fund inflow supported the rupee and capped its fall. Foreign Institutional Investors (FIIs) bought shares worth Rs 1,581.31 crore on Wednesday, exchange data showed.

The partially convertible currency is currently trading at 74.32, weaker by 2 paise from its previous close of 74.30 on Wednesday. The currency touched a high and low of 74.3675 and 74.3000 respectively. The reference rate for the dollar stood at 74.39 and for Euro stood at 87.85 on August 25, 2020. While the reference rate for the Yen stood at 70.16, the reference rate for the Great Britain Pound (GBP) stood at 97.45.

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