Rupee weakens against US dollar on Friday
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Indian rupee weakened against the US dollar on Friday due to a firm American currency at overseas markets, even with growing bets that the US Federal Reserve might cut interest rates next year. Moreover, volatility in domestic equities also dampened rupee sentiments. However, foreign fund inflows and overnight losses in crude oil prices have restricted losses in the rupee. Foreign Institutional Investors emerged as net buyers in the capital market on Thursday as they bought shares worth Rs 957.25 crore, exchange data showed.
The partially convertible currency is currently trading at 83.26, weaker by 3 paise from its previous close of 83.23 on Thursday. The currency touched a high and low of 83.28 and 83.2350 respectively.
