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Indian rupee weakened against the US dollar on Friday amid elevated crude oil prices as tensions in the Middle East heightened. Moreover, negative trend in domestic equities and dollar strength in the overseas market also dented rupee sentiments. Moreover, uncertainty over the pace of Federal Reserve interest rate cuts this year also kept rupee under pressure. US Federal Reserve officials signalled that there was no rush to cut interest rates as sticky US inflation remains a concern. However, Foreign Institutional Investors were net buyers in the capital markets on Wednesday as they purchased shares worth Rs 2,778.17 crore, exchange data showed. The markets were shut yesterday for Eid-Ul-Fitr.

The partially convertible currency is currently trading at 83.38, weaker by 7 paise from its previous close of 83.31 on Wednesday. The currency touched a high and low of 83.4050 and 83.36 respectively.