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Rupee weakens against US dollar on Thursday

17 Sep 2020 Evaluate

Indian rupee weakened against the US dollar on Thursday tracking strong American currency overseas. Further, weak domestic equities following losses in global markets after the US Federal Reserve’s policy making committee indicated that interest rates will be kept near zero at least through 2023 to reach its 2 percent inflation target, too added pressure on domestic currency. Data showed India’s corona virus count crossed the 51-lakh mark on Thursday and rose to 51,18,254, with 97,894 new cases. The toll jumped by 1,132 to 83,198. Though, Foreign Institutional Investors (FIIs) bought shares worth Rs 264.66 crore on a net basis on Wednesday, exchange data showed.

The partially convertible currency is currently trading at 73.76, weaker by 24 paise from its previous close of 73.52 on Wednesday. The currency touched a high and low of 73.78 and 73.64 respectively. The reference rate for the dollar stood at 73.41 and for Euro stood 87.31 on September 15, 2020. While the reference rate for the Yen stood at 69.49, the reference rate for the Great Britain Pound (GBP) stood at 94.43.

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