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Rupee weakens against US dollar on Wednesday

28 Oct 2020 Evaluate

Indian rupee weakened against the US dollar on Wednesday tracking subdued domestic equity markets. Moreover, lingering concerns over surging corona virus cases globally coupled with US presidential election uncertainty too weighed investor sentiment. While, markets were disappointed after US President Donald Trump acknowledged that a corona virus economic relief deal would likely come after the November 3 presidential election. Though, Foreign Institutional Investors (FIIs) bought shares worth Rs 3,514.89 crore on Tuesday, exchange data showed.

The partially convertible currency is currently trading at 73.76, weaker by 5 paise from its previous close of 73.71 on Tuesday. The currency touched a high and low of 73.77 and 73.6450 respectively. The reference rate for the dollar stood at 73.73 and for Euro stood 87.25 on October 26, 2020. While the reference rate for the Yen stood at 70.30, the reference rate for the Great Britain Pound (GBP) stood at 96.01.

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