Indian rupee weakened against the US dollar on Thursday, tracking weak domestic as well as global equities after the latest Fed statement and amid continuous fund outflows in the Indian market. Foreign Institutional Investors (FIIs) offloaded shares worth Rs 1,688.22 crore, while Domestic Institutional Investors (DIIs) sold shares worth of Rs 3.38 crore in the Indian equity market on Wednesday, exchange data showed. Moreover, strengthening American currency too added pressure on domestic currency. Meanwhile, the US Federal Reserve has kept its benchmark interest rate unchanged as expected on Wednesday as the country grapples with slowing economic recovery amid rising corona virus cases.
The partially convertible currency is currently trading at 73.06, weaker by 14 paise from its previous close of 72.92 on Wednesday. The currency touched a high and low of 73.1375 and 73.0550 respectively. The reference rate for the dollar stood at 72.92, and for Euro stood 88.81 on January 25, 2021. While the reference rate for the Yen stood at 70.32, the reference rate for the Great Britain Pound (GBP) stood at 100.02.
