Rupee weakens against US dollar on Thursday
Indian rupee weakened against the US dollar on Thursday, tracking a broader decline in other Asian currencies, renewed US Dollar demand and an upward trend in crude oil prices overseas. Rupee fell further amid a continued hawkish stance from Fed officials that dampening hopes for an interest rate cut until December. However, firm domestic equities and unabated inflow of foreign capital have limited further falls in rupee. Foreign Institutional Investors were net buyers in the capital markets on Wednesday, as they purchased shares worth Rs 7,908.36 crore, exchange data showed.
The partially convertible currency is currently trading at 83.50, weaker by 6 paise from its previous close of 83.44 on Wednesday. The currency touched a high and low of 83.51 and 83.4275 respectively.
