Indian rupee weakens against US dollar on Thursday
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Indian rupee weakened against the US dollar on Thursday after data showed that the Country’s manufacturing sector growth declined to an 18-month low in December amid softer increase in new orders and output. Uncertainty over US Federal Reserve’s interest rate cut timings also kept rupee under pressure. Moreover, rising crude oil prices and foreign fund outflows from domestic equity markets have also weighed on rupee sentiments. Foreign Institutional Investors were net sellers in the capital markets on Wednesday as they sold shares worth Rs 666.34 crore, exchange data showed.
The partially convertible currency is currently trading at 83.32, weaker by 2 paise from its previous close of 83.30 on Wednesday. The currency touched a high and low of 83.3250 and 83.3025 respectively.
