Rupee weakens against US dollar on Thursday
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Indian rupee marginally weakened against the US dollar on Thursday, pressured by strong dollar overseas after US inflation for October came in as expected and suggesting the Federal Reserve will continue lowering interest rates. Moreover, unabated foreign fund outflows and India’s inflation surge also dampened sentiments. Foreign Institutional Investors were net sellers in the capital markets on Wednesday, as they offloaded shares worth Rs 2,502.58 crore, exchange data showed. Meanwhile, China’s recent 1.4 trillion yuan stimulus and hopes of more fiscal support have strengthened Chinese markets and added downward pressure on Indian assets.
The partially convertible currency is currently trading at 84.40, weaker by 1 paise from its previous close of 84.39 on Wednesday. The currency touched a high and low of 84.4075 and 84.40 respectively.
