Rupee weakens against US dollar on Friday
The Indian rupee weakened against the US dollar on Friday, hit by surging crude prices and a firm American currency amid rising tensions in the Middle East following Israel’s military strikes on Iran. Moreover, sliding domestic equities and heavy foreign fund outflows also contributed to the fall in the local unit. Foreign institutional investors offloaded equities worth Rs 3,831.42 crore on a net basis on Thursday, exchange data showed. However, some falls were limited by the central bank’s likely intervention by selling dollars to stabilize the market.
The partially convertible currency is currently trading at 86.15, weaker by 63 paise from its previous close of 85.52 on Thursday. The currency touched a high and low of 86.25 and 85.98 respectively.
