Rupee weakens against US dollar in early trade on Thursday
The Indian rupee weakened against the US dollar in early trade on Thursday tracking persistent foreign fund outflows, rise in global crude oil prices and concerns about potential US tariff hikes. Foreign institutional investors offloaded equities worth Rs 1,527.71 crore on Wednesday, exchange data showed. Rupee sentiments fell further by weak domestic equities even as the First Advance Estimates released by the NSO estimated that India's economy would grow 7.4% in fiscal year 2025-26, a significant acceleration from the previous year's 6.5% growth. Although, the RBI intervened heavily to push the currency back above the 90 marks.
The partially convertible currency is currently trading at 89.90, weaker by 3 paise from its previous close of 89.87 on Wednesday. The currency touched a high and low of 89.9850 and 89.73 respectively.
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