Rupee weakens against US dollar on Friday
Indian rupee weakened against the US dollar on Friday as investors are awaiting US personal consumption expenditure (PCE) inflation data, due later in the day for further cues on the path of policy rates. Moreover, a firmer American currency and increased month-end dollar demand from importers, also weighed on rupee sentiments. However, softening crude oil prices, steady domestic equity market, a slew of economic stimulus measures and inflow of foreign funds into Indian capital markets, have limited further weakness in rupee. Foreign Institutional Investors were net buyers in the capital markets on Thursday, purchasing shares worth Rs 629.96 crore, exchange data showed.
The partially convertible currency is currently trading at 83.69, weaker by 3 paise from its previous close of 83.66 on Thursday. The currency touched a high and low of 83.69 and 83.62 respectively.
