Rupee weakens against US dollar on Friday
The Indian rupee weakened against the US dollar on Friday due to persistent foreign fund outflows from Indian capital markets, even as India is still hopeful of resuming negotiations on the proposed bilateral agreement with the United States soon. Foreign Institutional Investors offloaded equities worth Rs 3,856.51 crore on Thursday, exchange data showed. Moreover, firm American currency against its major peers overseas and month-end dollar demand also dampened rupee sentiments. However, the central bank's intervention in the forex market has limited further falls in the rupee.
The partially convertible currency is currently trading at 87.81, weaker by 6 paise from its previous close of 87.5850 on Thursday. The currency touched a high and low of 87.8175 and 87.71 respectively.
