Rupee weakens against US dollar on Friday
Indian rupee weakened against the US dollar on Friday, weighed down by significant foreign fund outflows from the Indian capital market, while dollar demand from importers and foreign banks also kept rupee under pressure. Foreign Institutional Investors offloaded Rs 11,756.25 crore in the capital markets on net basis on Thursday, exchange data showed. Investors are awaiting India's gross domestic product data for the July-September quarter due later on Friday. Meanwhile investors are also awaiting key US data next week, including job openings, the ADP employment report and the employment report for further insights into the Federal Reserve's monetary policy direction. Although, intervention by the Reserve Bank of India helped rupee to recoup some losses.
The partially convertible currency is currently trading at 84.49, weaker by 2 paise from its previous close of 84.47 on Thursday. The currency touched a high and low of 84.4975 and 84.4850 respectively.
