Indian rupee weakened against the US dollar on Monday following weak Asian peers, despite foreign fund inflows and significant gains in domestic equities. Foreign Institutional Investors (FIIs) bought shares worth Rs 6,029.83 crore on a net basis on Friday, exchange data showed. Moreover, rebound in the American currency also added pressure on the rupee even as President-elect Joe Biden has promised trillions in extra pandemic-relief spending to aid the world's largest economy.
The partially convertible currency is currently trading at 73.44, weaker by 20 paise from its previous close of 73.24 on Friday. The currency touched a high and low of 73.50 and 73.39 respectively. The reference rate for the dollar stood at 73.33, and for Euro stood 89.94 on January 08, 2021. While the reference rate for the Yen stood at 70.6, the reference rate for the Great Britain Pound (GBP) stood at 99.52.
