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Published on 16/09/2022 1:02:58 PM | Source: Accord Fintech

Rupee weakens against US dollar on Friday

Posted in Currency News| #Rupee #US dollar #FII #Currency News

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Indian rupee weakened against the US dollar on Friday amid negative trend in domestic equities following foreign fund outflows, while firm crude oil prices also weighed on rupee sentiments. Foreign Institutional Investors (FIIs) were net sellers in the capital market as they offloaded shares worth Rs 1,270.68 crore on Thursday, exchange data showed. Moreover, a strong American currency overseas adding more pressure on domestic currency. Meanwhile, investors are awaiting Fed meeting next week, where another 75-basis-point rise is widely expected to tame the rising pressure.

 

The partially convertible currency is currently trading at 79.83, weaker by 12 paise from its previous close of 79.71 on Thursday. The currency touched a high and low of 79.8450 and 79.7975 respectively.