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Indian rupee weakened against the US dollar on Thursday tracking weakness in domestic equities and spike in crude oil prices amidst concerns over escalating tension in the Middle East, while robustness in the US jobs market backed the idea that the US Federal Reserve doesn’t need to rush to cut interest rates. Moreover, unabated foreign fund outflows and strengthening American currency have also weighed on rupee sentiments. Foreign Institutional Investors were net sellers in the capital markets on Tuesday, offloading shares worth Rs 5,579.35 crore on a net basis in the cash segment, exchange data showed. Foreign Institutional Investors have sold out shares worth over Rs 15,000 crore since Monday. Forex markets were shut on Wednesday on account of Mahatma Gandhi Jayanti.

The partially convertible currency is currently trading at 83.94, weaker by 12 paise from its previous close of 83.82 on Tuesday. The currency touched a high and low of 83.9450 and 83.91 respectively.