Rupee weakens against US dollar in early trade on Wednesday
The Indian rupee weakened against the US dollar in early trade on Wednesday amid suspected dollar buying by corporates and importers, while investors are still in caution mode as there is no signed or officially released India-US trade agreement yet. Moreover, rising crude oil prices dampened rupee sentiments. Although, weakness in the American currency, positive domestic equities and fresh foreign fund inflows have limited further falls in the rupee. Foreign Institutional Investors purchased equities worth Rs 5,236.28 crore, while Domestic Institutional Investors bought stocks worth Rs 1,014.24 crore on Tuesday, exchange data showed.
The partially convertible currency is currently trading at 90.47, weaker by 15 paise from its previous close of 90.32 on Tuesday. The currency touched a high and low of 90.54 and 90.35 respectively.
