Rupee weakens against US dollar on Friday
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Indian rupee weakened against the US dollar on Friday, tracking sustained foreign fund outflows in the market with data showed Foreign Institutional Investors (FIIs) sold shares worth Rs 1,261.19 crore on Thursday. However, some losses were capped by positive domestic equities followed by the American currency’s decline versus its major peers and a further slide in Treasury yields, with most traders betting that the US Federal Reserve’s is done with its interest rate hikes. Meanwhile, all are eyeing for the upcoming US non-farm payroll data for further cues.
The partially convertible currency is currently trading at 83.25, weaker by 3 paise from its previous close of 83.22 on Thursday. The currency touched a high and low of 83.26 and 83.2275 respectively.
