Rupee weakens against US dollar on Friday
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Indian rupee weakened against the US dollar on Friday, followed by sluggish domestic equities and persistent foreign fund outflows with exchange data showed Foreign Institutional Investors were net sellers in the capital markets as they offloaded shares worth Rs 4,888.77 crore on Thursday. Rupee fell further by market worries about higher tariffs on Chinese goods following Donald Trump's win in the US presidential election. However, a steady dollar index against major currencies overseas after the Fed's 25 bps interest rates cut helped prevent a sharper fall in the local currency.
The partially convertible currency is currently trading at 84.37, weaker by 5 paise from its previous close of 84.32 on Thursday. The currency touched a high and low of 84.3750 and 84.3175 respectively.
