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Rupee weakens against US dollar on Wednesday

23 Sep 2020 Evaluate

Indian rupee weakened against the US dollar on Wednesday due to strengthening of American currency against its major peers overseas. Foreign Institutional Investors (FIIs) offloaded shares worth Rs 2,072.76 crore on Tuesday, exchange data showed. Though, firm domestic equity market and lower crude prices supported rupee and limited its fall. On the global front, the US dollar gained against major currencies tracked by positive US economic data and concerns about a second wave of corona virus infections in Europe and Britain.

The partially convertible currency is currently trading at 73.61, weaker by 3 paise from its previous close of 73.58 on Tuesday. The currency touched a high and low of 73.6375 and 73.4950 respectively. The reference rate for the dollar stood at 73.31 and for Euro stood 86.95 on September 21, 2020. While the reference rate for the Yen stood at 70.29, the reference rate for the Great Britain Pound (GBP) stood at 95.03.

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