Rupee weakens against US dollar on Thursday
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Indian rupee weakened against the US dollar on Thursday ahead to speeches from key US policymakers later in the day for cues on the pace of interest rate cuts. Moreover, foreign fund outflows and an increase in crude oil prices have also weighed on rupee sentiments. Foreign Institutional Investors were net sellers in the capital markets on Tuesday, offloading shares worth Rs 973.94 crore, exchange data showed. However, firm domestic equities and muted dollar have limited further weakness in rupee.
The partially convertible currency is currently trading at 83.69, weaker by 11 paise from its previous close of 83.58 on Wednesday. The currency touched a high and low of 83.71 and 83.66 respectively.
