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Rupee weakens against US dollar on negative trend in domestic equities

29 Jun 2021 Evaluate

Indian rupee weakened against the US dollar on Tuesday, tracking negative trend in domestic equities on the back of weak Asian cues as delta plus variant of Covid-19 keeps investors on edge. Rupee fell further as the American currency strengthened on growing bets of higher US interest rates. Besides, firm crude oil prices also weighed on investor sentiment. Moreover, Foreign institutional investors were net sellers in the capital market as they offloaded shares worth Rs 1,658.72 crore on Monday, exchange data showed.

The partially convertible currency is currently trading at 74.22, weaker by 3 paise from its previous close of 74.19 on Monday. The currency touched a high and low of 74.2675 and 74.2200 respectively. The reference rate for the dollar stood at 74.15, and for Euro stood 88.08 on June 21, 2021. While the reference rate for the 100 Yen stood at 67.45, the reference rate for the Great Britain Pound (GBP) stood at 102.45.

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