Rupee weakens against US dollar in early trade on Friday
The Indian rupee weakened against the US dollar in early trade on Friday tracking the strong American currency ahead of the US July nonfarm payrolls report that could provide fresh signals on labour market strength and the outlook for Federal Reserve monetary policy. Rupee fell further by rising Brent crude oil prices as renewed tensions in the Strait of Hormuz casted fresh doubt over efforts to fully reopen the vital shipping route. Meanwhile, Foreign institutional investors (FIIs) offloaded equities worth Rs 17.86 crore on a net basis on Thursday, exchange data showed.
The partially convertible currency is currently trading at 95.25, weaker by 3 paise from its previous close of 95.22 on Thursday. The currency touched a high and low of 95.2875 and 95.2425 respectively.
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