20-10-2023 12:15 PM | Source: Accord Fintech
Rupee weakens against US dollar on Friday
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Indian rupee weakened against the US dollar on Friday amid rising crude oil prices following mounting concerns over the Israel-Gaza conflict. Moreover, weak equity market, foreign fund outflows, a record rise in US Treasury yield and strong American currency overseas also weighed on the rupee sentiments. Foreign Institutional Investors were net sellers in the capital markets as they sold shares worth Rs 1,093.47 crore on Thursday, exchange data showed. Moreover, US Fed Chair Jerome Powell hinted at a longer period of monetary tightening due to higher-than-expected inflation numbers.
The partially convertible currency is currently trading at 83.19, weaker by 6 paise from its previous close of 83.13 on Thursday. The currency touched a high and low of 83.2050 and 83.1650 respectively.
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