Rupee drops against US dollar on Friday
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Indian rupee dropped against the US dollar on Friday due to stronger American currency at overseas markets following a surprise rate cut from the Swiss National Bank as well as weakness in China’s yuan. Moreover, foreign fund outflows and dollar buying by importers also dampened sentiments. Foreign Institutional Investors were net sellers in the capital markets on Thursday as they offloaded shares worth Rs 1,826.97 crore, exchange data showed. Federal Open Market Committee kept interest rates unchanged in the range of 5.25-5.5% range during Wednesday's policy meeting as expected. Federal Reserve officials maintained their forecast of three interest rate cuts this year, according to the central bank's updated policy statement released Wednesday.
The partially convertible currency is currently trading at 83.35, weaker by 22 paise from its previous close of 83.13 on Thursday. The currency touched a high and low of 83.41 and 83.2325 respectively.
