Rupee weakens against US dollar in early trade on Thursday
The Indian rupee weakened against the US dollar in early trade on Thursday, as US dollar strengthened against its major peers overseas. Rupee fell further on rising global crude oil prices and reignited inflation fears. The United States and Iran have signalled no quick end to their war, with Trump stated that it is necessary to finish the job and Iran warned that the world should be ready for oil at $200 a barrel after striking tankers in Iraqi waters and other ships near the vital Strait of Hormuz. Meanwhile, Foreign Institutional Investors continued their selling spree by offloading equities worth Rs 6,267.31 crore on Wednesday. However, the Reserve Bank of India has been actively intervening in foreign exchange markets to stabilize the currency near the 92 level.
The partially convertible currency is currently trading at 92.31, weaker by 30 paise from its previous close of 92.01 on Wednesday. The currency touched a high and low of 92.3650 and 92.25 respectively.
