Indian rupee weakened against the US dollar on Thursday tracking weak domestic equities despite sustained foreign fund inflows. Foreign institutional investors bought shares worth Rs 3,564.23 crore on a net basis on Wednesday, exchange data showed. Further, rebound in the American currency following lack of progress over additional US fiscal stimulus and Brexit talks too weighed on the domestic currency. Meanwhile, market participants remained cautious ahead of the important industrial production growth number for October that will be released on Friday. However, optimism around the rollout of corona virus vaccines capped some losses.
The partially convertible currency is currently trading at 73.65, weaker by 8 paise from its previous close of 73.57 on Wednesday. The currency touched a high and low of 73.6800 and 73.6250 respectively. The reference rate for the dollar stood at 73.76, and for Euro stood 89.40 on December 08, 2020. While the reference rate for the Yen stood at 70.89, the reference rate for the Great Britain Pound (GBP) stood at 98.57.
