Rupee weakens against US dollar on Friday
The Indian rupee weakened against the US dollar on Friday, tracking weak domestic equities amid the ongoing border tensions between India and Pakistan. However, some weaknesses were limited by significant foreign fund inflows into the Indian capital market and optimism over a potential India-US trade agreement. US Treasury Secretary Scott Bessent said that India could be the first nation to sign a bilateral trade deal to avoid President Donald Trump's reciprocal tariffs. A 26% reciprocal tariff on Indian exports to the US is currently paused until July 8. Foreign institutional investors bought equities worth Rs 8,250.53 crore on a net basis on Thursday, exchange data showed.
The partially convertible currency is currently trading at 85.61, weaker by 28 paise from its previous close of 85.33 on Thursday. The currency touched a high and low of 85.6525 and 85.0825 respe
