Rupee weakens against US dollar on Friday
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Indian rupee weakened against the US dollar on Friday, weighed down by a strong American currency after a hotter than expected US producer price data. Further, weak domestic equities in line with uncertainties over an imminent interest rate cut by the US Federal Reserve kept rupee investors cautious. Moreover, foreign fund outflows and elevated crude oil prices overseas also dented rupee sentiments. Foreign Institutional Investors were net sellers in the capital markets on Thursday as they offloaded shares worth Rs 1,356.29 crore, exchange data showed. However, India’s wholesale inflation rate declined marginally to 0.2% in February compared to 0.27% in the preceding month.
The partially convertible currency is currently trading at 82.88, weaker by 4 paise from its previous close of 82.84 on Thursday. The currency touched a high and low of 82.96 and 82.8875 respectively.
