Indian rupee weakens to record low against US dollar in early trade on Friday
The Indian rupee weakened to its record low against the US dollar in early trade on Friday as escalating West Asian conflicts and the closure of the Strait of Hormuz drove global crude oil prices near the $100 per barrel mark. Moreover, strong US dollar, heavy foreign fund selling and weak domestic equities have further weighed on the domestic unit. Foreign institutional investors sold equities worth Rs 7,049.87 crore on a net basis on Thursday, exchange data showed. The rupee also fell after data showed that retail inflation moved up to 3.21% in February compared to 2.74% in the preceding month, driven mainly by higher food prices.
The partially convertible currency is currently trading at 92.41, weaker by 16 paise from its previous close of 92.25 on Thursday. The currency touched a high and low of 92.42 and 92.2850 respectively.
