Rupee weakens against US dollar in early trade on Wednesday
The Indian rupee weakened against US dollar in early trade on Wednesday as Foreign Institutional Investors continued their selling spree by offloading equities worth Rs 4,672.64 crore on Tuesday. Meanwhile, growing uncertainty over the Middle East conflict also dampened rupee sentiments. However, weakness in the American currency and falling global crude oil prices after reports that the IEA may release record oil reserves have prevented sharp losses in the rupee. The Reserve Bank of India (RBI) has been actively intervening in foreign exchange markets to stabilize the currency near the Rs 92.00 level.
The partially convertible currency is currently trading at 91.89, weaker by 4 paise from its previous close of 91.85 on Tuesday. The currency touched a high and low of 91.97 and 91.85 respectively.
