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Rupee weakens against US dollar on Thursday

19 Nov 2020 Evaluate

Indian rupee weakened against the US dollar on Thursday tracking muted equities, despite unabated foreign fund inflows into the domestic equity and debt markets. Foreign institutional investors (FIIs) bought shares worth Rs 3,071.93 crore on Wednesday, exchange data showed. Rupee fell further on concerns about corona virus-related economic damage overshadowed upbeat news from American pharmaceutical giant Pfizer and its German partner BioNTech that are seeking US and European authorization for their Covid-19 vaccines next month. Moreover, strong American currency overseas too added pressure on Indian currency.

The partially convertible currency is currently trading at 74.25, weaker by 6 paise from its previous close of 74.19 on Wednesday. The currency touched a high and low of 74.3250 and 74.2200 respectively. The reference rate for the dollar stood at 74.50, and for Euro stood 88.32 on November 17, 2020. While the reference rate for the Yen stood at 71.29, the reference rate for the Great Britain Pound (GBP) stood at 98.46.

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