Rupee weakens against US dollar in early trade on Wednesday
The Indian rupee weakened against the US dollar in early trade on Wednesday amid elevated crude oil prices and firm dollar overseas. Market participants are maintaining a highly cautious stance as the Federal Open Market Committee concludes its two-day meeting today, keeping a close watch on Fed Chair Kevin Warsh’s press conference for guidance. However, likely intervention by the RBI and foreign fund inflowed capped the downside. Foreign Institutional Investors (FIIs) bought equities worth Rs 4,240.39 crore on a net basis on Tuesday, exchange data showed.
The partially convertible currency is currently trading at 95.20, weaker by 13 paise from its previous close of 95.07 on Tuesday. The currency touched a high and low of 95.2025 and 94.9875 respectively.
