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The Indian rupee weakened against the US dollar on Thursday, tracking weak domestic equities, while investors were awaiting US Fed Chair Jerome Powell's speech and US producer price index data for clues on the US Federal Reserve's interest rate trajectory. However, weakness in the American currency,  ease in India’s wholesale inflation, foreign fund inflows, and easing crude oil prices have restricted the downfall. Foreign institutional investors bought equities worth Rs 931.80 crore on a net basis on Wednesday, exchange data showed.

The partially convertible currency is currently trading at 85.72, weaker by 40 paise from its previous close of 85.32 on Wednesday. The currency touched a high and low of 85.72 and 85.4950 respectively.