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Indian rupee weakened against the US dollar on Friday amid rising crude oil prices and constant FII outflows from Indian capital market, while weakness in domestic equities has also weighed on rupee sentiments. Foreign Institutional Investors were net sellers in the capital markets on Thursday, as they offloaded shares worth Rs 4,926.61 crore, exchange data showed. However, some losses were limited by weakening American currency at overseas markets with expectations that the US Federal Reserve will deliver an interest-rate cut next month after signs of weakness in the labour market and hotter-than-expected inflation data.

The partially convertible currency is currently trading at 83.99, weaker by 1 paise from its previous close of 83.98 on Thursday. The currency touched a high and low of 83.9925 and 83.9650 respectively.