Rupee weakens against US dollar on Thursday
Indian rupee weakened against the US dollar on Thursday due to profit-taking in domestic equities and elevated crude oil prices. Moreover, marginal gains in American currency at overseas markets also weighed on rupee sentiments. However, some losses were limited by foreign fund inflows with data showed Foreign Institutional Investors purchased shares worth Rs 1,271.45 crore on Tuesday, and media reports showed that the Asian Development Bank on Wednesday maintained its GDP growth forecast for India at 7% for the current financial year that anticipating a rebound in agriculture due to above-normal monsoon projections. Forex markets were closed on Wednesday on account of Muharram.
The partially convertible currency is currently trading at 83.59, weaker by 1 paise from its previous close of 83.58 on Tuesday. The currency touched a high and low of 83.61 and 83.5575 respectively.
