Indian rupee weakened against the US dollar on Wednesday, despite weak American currency overseas due to hopes for quick global economic recovery from the pandemic-driven crisis after American pharmaceutical giant Pfizer had said its experimental Covid-19 vaccine is more than 90 percent effective based on initial trial results boosted risk appetite in global markets. Though, constant foreign fund inflows capped some weakness in domestic currency. Foreign institutional investors bought shares worth Rs 5,627.32 crore on Tuesday, exchange data showed.
The partially convertible currency is currently trading at 74.25, weaker by 7 paise from its previous close of 74.18 on Tuesday. The currency touched a high and low of 74.29 and 74.18 respectively. The reference rate for the dollar stood at 73.92 and for Euro stood 87.88 on November 09, 2020. While the reference rate for the Yen stood at 71.41, the reference rate for the Great Britain Pound (GBP) stood at 97.40.
