Rupee weakens against US dollar on Friday
The Indian rupee weakened against the US dollar on Friday tracking subdued domestic equity markets, continued outflow of foreign funds and upward movement in crude oil prices in the overseas market. Foreign institutional investors sold equities worth Rs 3,263.21 crore on Thursday, exchange data showed. Moreover, firm American currency against major rivals overseas and eased expectations for more rate cuts by the US Federal Reserve this year following hawkish comments from Chicago Fed President Austan Goolsbee and Cleveland Fed President Beth Hammack have also weighed on rupee sentiments. Meanwhile, a monthly survey released on Thursday showed India's services sector growth witnessed the slowest pace of expansion in five months in October, as competitive pressures and heavy rains in parts of the country led to a slower increase in output. The seasonally adjusted HSBC India Services PMI Business Activity Index fell from 60.9 in September to 58.9 in October, indicating the slowest pace of expansion since May.
The partially convertible currency is currently trading at 88.69, weaker by 6 paise from its previous close of 88.63 on Thursday. The currency touched a high and low of 88.7150 and 88.61 respectively.
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