Rupee weakens against US dollar on Friday
The Indian rupee weakened against the US dollar on Friday after the US President Donald Trump announced 35% tariffs on Canadian imports from next month. He further signalled blanket tariffs of 15-20% on most US trade partners, hinting that the European Union and Canada may receive their own tariff letters shortly. But, Special Secretary in the Department of Commerce Rajesh Agrawal said India is trying to negotiate and finalise a trade agreement with the US. Besides, weakness in domestic equities, strong American currency and firm crude oil prices have also dampened rupee sentiments. However, some falls were limited by foreign fund inflows into the Indian capital market. Foreign institutional investors bought equities worth Rs 221.06 crore on a net basis on Thursday, exchange data showed.
The partially convertible currency is currently trading at 85.84, weaker by 14 paise from its previous close of 85.70 on Thursday. The currency touched a high and low of 85.8975 and 85.76 respectively.
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