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The Indian Rupee weakened against the US dollar on Thursday amid sustained foreign fund outflows and a stronger American currency overseas. Foreign institutional investors offloaded equities worth Rs 1,666.46 crore on Wednesday, exchange data showed. Rupee sentiments weakened further after US President Donald Trump warned that the United States has not yet rolled out ‘Phase-2’ and ‘Phase-3’ tariffs against countries continuing trade ties with Russia. However, Goods and Services Tax (GST) rate cuts, Fed’s interest rate cut hopes and a drop in global oil prices have limited further losses in the local unit.

The partially convertible currency is currently trading at 88.15, weaker by 13  paise from its previous close of 88.02 on Wednesday. The currency touched a high and low of 88.19 and 87.85 respectively.