Rupee weakens against US dollar in early trade on Thursday
The Indian rupee weakened against the US dollar in early trade on Thursday, driven by sluggish domestic equities and elevated crude oil prices following a sharp escalation in drone and missile attacks by Yemen's Houthi militants against Saudi Arabia's critical energy and transport infrastructure. However, the downside remained capped amid weakness in the American currency, softening US Treasury yields and reports indicating that Russia is ready for new peace talks. Foreign Institutional Investors (FIIs) bought equities worth Rs 1,022.32 crore on a net basis on Wednesday.
The partially convertible currency is currently trading at 94.57, weaker by 19 paise from its previous close of 94.38 on Wednesday. The currency touched a high and low of 94.5825 and 94.3250 respectively.
