Indian rupee weakened against the US dollar on Monday, even after prolonged weakness in the American currency overseas. Further, surging crude prices and high coronavirus cases with extended lockdowns in many parts of the country too adding pressure on rupee sentiments. India recorded 2,22,315 new coronavirus infections in a single day, pushing the total tally of Covid-19 cases to 2,67,52,447, while the death toll crossed the 3-lakh mark, as per the Union Health Ministry data. However, firm domestic equities and foreign fund inflows restricted the fall in rupee’s value. Foreign Institutional Investors (FIIs) bought shares worth Rs 510.16 crore on Friday, exchange data showed.
The partially convertible currency is currently trading at 72.89, weaker by 6 paise from its previous close of 72.83 on Friday. The currency touched a high and low of 72.9450 and 72.8700 respectively. The reference rate for the dollar stood at 73.37, and for Euro stood 88.75 on May 14, 2021. While the reference rate for the 100 Yen stood at 67.01, the reference rate for the Great Britain Pound (GBP) stood at 103.04.