Rupee weakens marginally against US dollar on Wednesday
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Indian rupee weakened marginally against the US dollar on Wednesday ahead of the Fed meeting tonight and oil prices remained above the critical price level of $100 as traders are keeping a close eye on the European Union which is likely to ban Russian crude. Foreign Institutional Investors (FIIs) were net sellers in the capital market on Monday as they offloaded shares worth Rs 1,853.46 crore, exchange data showed. However, anticipation of foreign fund inflows from the LIC IPO capped further weakness in rupee. The forex market was closed on Tuesday on account of Id-Ul-Fitr.
The partially convertible currency is currently trading at 76.56, weaker by 8 paise from its previous close of 76.48 on Monday. The currency touched a high and low of 76.5600 and 76.4000 respectively.
