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Rupee weakens against US dollar on Thursday

03 Dec 2020 Evaluate

Indian rupee weakened against the US dollar on Thursday, despite continued FII inflows in equities. Foreign institutional investors (FIIs) bought shares worth Rs 357.35 crore on a net basis on Wednesday, exchange data showed. Improved risk appetite and weakening US dollar following positive sentiments surrounding the potential vaccine is supporting the domestic currency and capped its fall. Meanwhile investors’ focus will be on the RBI Monetary Policy Committee's three-day interest rate-setting meeting that started Wednesday, with the decision due on Friday.

The partially convertible currency is currently trading at 73.86, weaker by 5 paise from its previous close of 73.81 on Wednesday. The currency touched a high and low of 73.9225 and 73.6850 respectively. The reference rate for the dollar stood at 73.50, and for Euro stood 87.90 on December 01, 2020. While the reference rate for the Yen stood at 70.44, the reference rate for the Great Britain Pound (GBP) stood at 98.24.

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