Rupee weakens marginally against US dollar on foreign capital outflows
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Indian rupee weakened marginally against the US dollar on Wednesday as continues outflows of foreign capital and uncertainty around the new coronavirus variant Omicron kept the rupee sentiments bearish. Foreign institutional investors (FIIs) remained net sellers in the capital markets, pulling out Rs 2,584.97 crore on Tuesday, exchange data showed. While, Fitch Ratings cuts India's economic growth forecast to 8.4% for the current fiscal but raised the growth projection for the next financial year to 10.3%. However, sliding crude prices in overseas market and a rally in the domestic equities as the central bank Reserve Bank of India (RBI) has kept its benchmark lending rate unchanged for the ninth time in a row at 4%, restricted the rupee's fall.
The partially convertible currency is currently trading at 75.48, weaker by 4 paise from its previous close of 75.44 on Tuesday. The currency touched a high and low of 75.5100 and 75.3650 respectively.
