2025-01-10 11:52:57 am | Source: Accord Fintech
Rupee weakens against US dollar on Friday
Indian rupee weakened against the US dollar on Friday due to strengthening American currency in anticipation of restrictive trade measures by US President-elect Donald Trump, while expectations of slower-than-anticipated interest rate cuts by the US Federal Reserve has also kept rupee under pressure. Moreover, massive outflow of foreign capital and higher crude oil prices have also weighed on rupee sentiments. Foreign institutional investors offloaded Rs 7,170.87 crore in the capital markets on a net basis on Thursday, exchange data showed.
The partially convertible currency is currently trading at 85.89, weaker by 3 paise from its previous close of 85.86 on Thursday. The currency touched a high and low of 85.9025 and 85.8525 respectively.
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