Indian rupee weakened against the US dollar on Tuesday due to weak domestic equities and decline in Asian currencies following worries about accelerating inflation in the United States, while concerns over surging Covid-19 cases also weighed on rupee sentiment. Health Ministry data showed single day spike of 3,29,942 Covid-19 infections, 3,876 fatalities has pushed India's tally of cases to 2,29,92,517, and death toll to 2,49,992. Meanwhile, markets will await domestic IIP and CPI data this week. Foreign institutional investors (FIIs) bought shares worth Rs 583.69 crore, while Domestic Institutional Investors (DIIs) were net sellers to the tune of Rs 476.26 crore in the Indian equity market on Monday, exchange data showed.
The partially convertible currency is currently trading at 73.47, weaker by 12 paise from its previous close of 73.35 on Monday. The currency touched a high and low of 73.5375 and 73.4500 respectively. The reference rate for the dollar stood at 74.18, and for Euro stood 89.16 on May 3, 2021. While the reference rate for the 100 Yen stood at 67.7, the reference rate for the Great Britain Pound (GBP) stood at 102.50.
