Indian rupee weakened against the US dollar on Tuesday, despite firm domestic as well as global equities following positive news on the Covid-19 vaccine. Pharma major Pfizer Inc said its experimental vaccine was more than 90 percent effective based on initial data from a large study. Constant foreign fund inflow and weak American currency also capped weakness in domestic currency. Foreign Institutional Investors (FIIs) bought shares worth Rs 4,548.39 crore, whereas Domestic Institutional Investors (DIIs) offloaded shares worth Rs 3,036.31 crore on a net basis in the Indian equity market, exchange data showed.
The partially convertible currency is currently trading at 74.23, weaker by 8 paise from its previous close of 74.15 on Monday. The currency touched a high and low of 74.2550 and 74.0200 respectively. The reference rate for the dollar stood at 74.05 and for Euro stood 87.51 on November 06, 2020. While the reference rate for the Yen stood at 71.52, the reference rate for the Great Britain Pound (GBP) stood at 97.20.
