Rupee weakens against US dollar on Friday
The Indian rupee weakened against the US dollar on Friday, followed by US tariff uncertainties and foreign fund outflows from domestic equities. US President Donald Trump granted a temporary exemption to automakers from tariffs on Canada, Mexico for one month. Foreign institutional investors offloaded equities worth Rs 2,377.32 crore on net basis on Thursday, exchange data showed. However, a weaker American currency and lower level of crude oil prices have limited further falls in rupee. Meanwhile, investors are cautiously awaiting the US Federal Reserve chief Jerome Powell's commentary and the central bank's balance sheet to be released on Friday.
The partially convertible currency is currently trading at 87.19, weaker by 7 paise from its previous close of 87.12 on Thursday. The currency touched a high and low of 87.2250 and 87.12 respectively.
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