Rupee weakens against US dollar on Thursday
Indian rupee weakened against the US dollar on Thursday, driven by elevated crude oil prices. However, foreign fund inflows into capital market, firm domestic equities, weakness in American currency overseas and US Federal Reserve's rate cut expectations, have limited further falls in rupee. Foreign Institutional Investors were net buyers in the capital markets on Wednesday, as they purchased shares worth Rs 5,483.63 crore, exchange data showed. Meanwhile investors are now awaiting minutes from the Fed’s latest policy meeting to gauge future interest rate cuts.
The partially convertible currency is currently trading at 83.55, weaker by 6 paise from its previous close of 83.49 on Wednesday. The currency touched a high and low of 83.5550 and 83.52 respectively.
