Indian rupee weakened against the US dollar on Wednesday, pressured by the stronger US currency and on hefty sell off in the domestic equities. Rising bond yields and surging crude oil rates also weighed down the domestic currency. Financial year closing has triggered significant buying in the USDINR pair as it moved to the highest levels in almost a month. On the Global Front, the greenback rose to a fresh one-year high versus the yen and traded near multi-month peaks with other rivals with the anticipations that massive fiscal stimulus and aggressive vaccinations will help the US lead a global pandemic recovery.
The partially convertible currency is currently trading at 73.50, weaker by 12 paise from its previous close of 73.38 on Tuesday. The currency touched a high and low of 73.5850 and 73.4500 respectively. The reference rate for the dollar stood at 72.40, and for Euro stood 85.31 on March 26, 2021. While the reference rate for the 100 Yen stood at 66.00, the reference rate for the Great Britain Pound (GBP) stood at 99.62.
