Rupee weakens against US dollar on Friday
The Indian rupee weakened against the US dollar on Friday tracking weakness in the domestic equities and strong dollar overseas, despite expectations that a prolonged US government shutdown could pressure the Federal Reserve into easing monetary policy. Moreover, trade tensions and persistent foreign fund outflows have also dented rupee sentiments. Foreign Institutional Investors offloaded equities worth Rs 1,605.20 crore on a net basis on Wednesday, exchange data showed. Forex markets were closed yesterday on account of Gandhi Jayanti and Dussehra.
The partially convertible currency is currently trading at 88.77, weaker by 6 paise from its previous close of 88.71 on Wednesday. The currency touched a high and low of 88.7825 and 88.68 respectively.
