Rupee weakens against US dollar on heavy selling in domestic equities

22 Apr 2021

Indian rupee weakened against US dollar on Thursday tracking heavy selling in domestic equities as some states have announced corona-virus related restrictions in movement while some are mulling lockdown possibilities. Moreover, foreign fund outflows also added pressure on rupee sentiments. Foreign Institutional Investors (FIIs) sold shares worth Rs 1,082.33 crore, while Domestic Institutional Investors (DIIs) were net buyers to the tune of Rs 1,323.01 crore in the Indian equity market on Tuesday, exchange data showed. Forex and equity markets were closed on Wednesday on account of Ram Navami. On the global front, the American currency was remained near multi-week lows as fading gains in US Treasury yields reduced the dollar’s interest rate advantage.

The partially convertible currency is currently trading at 75.03, weaker by 15 paise from its previous close of 74.88 on Tuesday. The currency touched a high and low of 75.2650 and 74.9625 respectively. The reference rate for the dollar stood at 74.85, and for Euro stood 89.00 on April 12, 2021. While the reference rate for the Yen stood at 68.34, the reference rate for the Great Britain Pound (GBP) stood at 102.61.