Rupee weakens to record low against US dollar on Friday
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Indian rupee weakened to a record low of 79.11 against the US dollar on Friday amid persistent outflows of foreign capital. Foreign Institutional Investors (FIIs) were net sellers in the capital market as they offloaded shares worth Rs 1,138.05 crore on Thursday, exchange data showed. Further, higher US interest rates and fears of potential recession also adding pressure on rupee sentiments. Soaring crude oil prices also kept rupee sentiments bearish.
The partially convertible currency is currently trading at 79.10, weaker by 4 paise from its previous close of 79.06 on Thursday. The currency touched a high and low of 79.1175 and 78.99 respectively.
