Indian rupee weakens to all-time low against US dollar on Friday
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Indian rupee weakened to an all-time low against the US dollar on Friday tracking negative trend in domestic equities and elevated crude oil prices, while hawkish comments from US Federal Reserve officials overnight also weighed on rupee. Rupee sentiments fell further following delay in inclusion of Indian Government Securities in JPMorgan’s widely tracked emerging-market bond index, and after the World Bank cut India’s GDP growth forecast for FY23 from 7.5% to 6.5% on account of a globally weaker outlook. Meanwhile, investors are awaiting Friday's key US payrolls report that may provide clues to the possible roadmap for monetary policy tightening by the US Federal Reserve. Although, Foreign Institutional Investors (FIIs) were net buyers in the capital market as they purchased shares worth Rs 279.01 crore on Thursday, exchange data showed.
The partially convertible currency is currently trading at 82.38, weaker by 21 paise from its previous close of 82.17 on Thursday. The currency touched a high and low of 82.39 and 82.18 respectively.
