Rupee weakens against US dollar on Thursday
The Indian rupee weakened against the US dollar on Thursday as the American currency rose after the US federal court blocked President Trump's sweeping reciprocal tariff order, fuelling expectations of ending global trade uncertainties. Rupee fell further by rising crude oil prices overseas and disappointing domestic industrial output data, while minutes of the May FOMC meeting showed policymakers supported keeping interest rates on hold. However, foreign fund inflows capped the rupee's fall. Foreign institutional investors bought equities worth Rs 4,662.92 crore on a net basis on Wednesday, exchange data showed.
The partially convertible currency is currently trading at 85.59, weaker by 21 paise from its previous close of 85.38 on Wednesday. The currency touched a high and low of 85.62 and 85.4450 respectively.
