Rupee weakens against US dollar on Thursday
The Indian rupee weakened against the US dollar on Thursday, tracking weak domestic equities, elevated crude oil prices and persistent dollar demand from importers and foreign banks. Rupee sentiments fell further by growing fears that the Trump administration's tax cut and spending bill could balloon the already huge deficit. However, some falls were limited by foreign fund inflows into the Indian capital market and weak dollar index overseas. Foreign Institutional Investors bought equities worth Rs 2,201.79 crore on Wednesday, exchange data showed.
The partially convertible currency is currently trading at 85.69, weaker by 10 paise from its previous close of 85.59 on Wednesday. The currency touched a high and low of 85.6950 and 85.58 respectively.
