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Rupee weakens against US dollar on weak domestic equities

29 Oct 2020 Evaluate

Indian rupee weakened against the US dollar on Thursday, tracking weak domestic equities amid negative cues from global markets as surging covid-19 cases worldwide coupled with uncertainty about the US presidential election weighed investor sentiment. Further, Foreign Institutional Investors (FIIs) sold shares worth Rs 1,130.98 crore on a net basis on Wednesday, exchange data showed. On the global front, the US dollar strengthened against its major rivals as surging corona virus cases in Europe stoked investor concerns that fresh lockdowns would further hit the already fragile economic recovery.

The partially convertible currency is currently trading at 73.99, weaker by 12 paise from its previous close of 73.87 on Wednesday. The currency touched a high and low of 74.0575 and 73.9725 respectively. The reference rate for the dollar stood at 73.74 and for Euro stood 87.26 on October 27, 2020. While the reference rate for the Yen stood at 70.44, the reference rate for the Great Britain Pound (GBP) stood at 96.16.

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