Rupee weakens against US dollar on Thursday
The Indian rupee weakened against the US dollar on Thursday due to the US dollar's recovery after traders scaled back rate cut expectations next month following the release of the hawkish US Federal Reserve minutes and after the US Bureau of Labor Statistics said it would not be publishing the closely watched employment report for October. Moreover, a rebound in crude oil prices also added pressure on the rupee. Although, positive cues from US-India trade developments, firm domestic equities and foreign fund inflows have limited further weakness in rupee. Foreign Institutional Investors bought equities worth Rs 1,580.72 crore on a net basis on Wednesday, exchange data showed.
The partially convertible currency is currently trading at 88.71, weaker by 23 paise from its previous close of 88.48 on Wednesday. The currency touched a high and low of 88.74 and 88.6250 respectively.
