Rupee weakens against US dollar on Friday
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Indian rupee weakened against the US dollar on Friday, tracking American currencies’ strength against a basket of major currencies in the overseas market. Meanwhile, elevated crude oil prices and significant foreign fund outflows have also dented rupee sentiments. Foreign Institutional Investors were net sellers in the capital markets on Thursday as they offloaded shares worth Rs 6,994.86 crore, exchange data showed. However, some losses were capped by firm domestic equities and weak US job data bolstered the speculation that the weakening economy would force the US Federal Reserve to cut interest rates.
The partially convertible currency is currently trading at 83.49, weaker by 1 paisa from its previous close of 83.48 on Thursday. The currency touched a high and low of 83.4975 and 83.4675 respectively.
