Rupee weakens against US dollar on Friday
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Indian rupee weakened against the US dollar on Friday, tracking firm American currency and elevated crude oil prices overseas. Positive US Jobless Claims data reinforced the Federal Reserve's message that interest rates are unlikely to be cut in the near term. Moreover, volatility in domestic market and foreign fund outflows also weighed on rupee sentiments. Foreign Institutional Investors were net sellers in the capital markets on Thursday as they offloaded shares worth Rs 4,933.78 crore, exchange data showed. The Reserve Bank of India on Thursday had decided to keep the key policy rate unchanged for the sixth time in a row to maintain a tight vigil on inflation, and projected to maintain a 7% GDP growth rate in FY25.
The partially convertible currency is currently trading at 82.99, weaker by 3 paise from its previous close of 82.96 on Thursday. The currency touched a high and low of 83.0150 and 82.95 respectively.
