Rupee weakens against US dollar in early trade on Wednesday
The Indian rupee weakened against the US dollar in early trade on Wednesday, weighed down by dollar’s strength overseas after the release of minutes from the Federal Reserve's December meeting. The Federal Reserve minutes revealed deep divisions among policymakers, with discussions on future rate cuts to support the labour market amid ongoing inflationary pressures. Moreover, lingering concerns over sustained foreign fund outflows and US-India trade uncertainties have also adding more pressure on rupee sentiments. Foreign institutional investors offloaded equities worth Rs 3,844.02 crore on Tuesday, but Domestic Institutional Investors bought equities worth Rs 6,159.81 crore, exchange data showed.
The partially convertible currency is currently trading at 89.93, weaker by 18 paise from its previous close of 89.75 on Tuesday. The currency touched a high and low of 89.94 and 89.86 respectively.
