Rupee weakens against US dollar on volatility in domestic equities
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Indian rupee weakened against the US dollar on Thursday due to volatility in domestic equities ahead of the monthly F&O expiry today, while foreign fund outflows also put pressure on the value of the rupee. Foreign institutional investors (FIIs) were net sellers in the capital market as they offloaded shares worth Rs 5,122.65 crore on Wednesday, exchange data showed. On the global front, US dollar index showing a slight dip, but held near 16-month highs against the euro and an almost five-year top against the Japanese yen as investors bet that the US central bank Fed will tighten monetary policy faster than anticipated.
The partially convertible currency is currently trading at 74.50, weaker by 10 paise from its previous close of 74.40 on Wednesday. The currency touched a high and low of 74.5550 and 74.4975 respectively.
