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Published on 15/09/2022 12:27:18 PM | Source: Accord Fintech

Rupee weakens against US dollar on Thursday

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Indian rupee weakened against US dollar on Thursday, driven by firm American currency at overseas markets along with expectations of big interest rate hikes from the US Federal Reserve. Meanwhile, India's trade deficit widened to $27.98 billion in August due to increased crude oil imports, data released by the commerce and industry ministry showed on Wednesday. Moreover, weakness in domestic equities and foreign fund outflows also dampened market sentiments. Foreign Institutional Investors (FIIs) were net sellers in the capital markets, as they offloaded shares worth Rs 1,397.51 crore on Wednesday, exchange data showed.