Rupee weakens against US dollar on Friday
Indian rupee weakened against the US dollar on Friday due to sustained foreign fund outflows, strong American currency and unabated dollar demand from oil importers. Foreign Institutional Investors offloaded equities worth Rs 4,582.95 crore in the capital markets on net basis on Thursday, exchange data showed. Investors are awaiting the budget presentation tomorrow, and Finance Minister Nirmala Sitharaman will table Economic Survey 2024-25 today that providing an official assessment of the economy's performance in the ongoing financial year, and listing out the challenges being faced by the nation. Moreover, expectations of monetary easing by the Reserve bank of India and lingering uncertainty over US President Donald Trump's trade tariffs have also weighed on rupee sentiments.
The partially convertible currency is currently trading at 86.65, weaker by 3 paise from its previous close of 86.62 on Thursday. The currency touched a high and low of 86.6550 and 86.63 respectively.
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