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Indian rupee weakened sharply against the US dollar on Thursday due to increased demand for the US currency from importers amid sustained foreign funds outflow. Traders remained cautious as Russia’s announcement of a military operation in Ukraine sent Brent crude oil prices surging past the $100 mark for the first time in seven years. Some anxiety also came as India Ratings has revised downwards its Gross Domestic Product (GDP) growth forecast for 2021-22 to 8.6 per cent from the consensus 9.2 per cent projected earlier. On the global front, U.S. dollar edged higher as the latest developments in the Ukrainian crisis dented investor appetite for risk, as a sell-off in the equity market helped drive a safe-haven bid for the greenback.

The partially convertible currency is currently trading at 75.17, weaker by 56 paise from its previous close of 74.61 on Wednesday. The currency touched a high and low of 75.22 and 75.02 respectively