Rupee weakens against US dollar on Thursday
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Indian rupee weakened against the US dollar on Thursday after the Fed decided to keep interest rate unchanged at 5.25-5.50% and Chair Powell’s cautious comments. Meanwhile, investors are cautiously eyeing on the US non-farm payroll data to be released on Friday. Moreover, higher crude oil prices also pressured rupee sentiments. However, firm domestic equity market sentiment and foreign fund inflows limited further fall in rupee. Foreign institutional investors were net buyers in the capital markets on Tuesday, as they purchased shares worth Rs 1,071.93 crore on a net basis, exchange data showed. The finance ministry said India's GST collections grew 12.4% to a record high of Rs 2.10 lakh crore in April. Foreign exchange market was closed on Wednesday on account of Maharashtra Day.
The partially convertible currency is currently trading at 83.47, weaker by 4 paise from its previous close of 83.43 on Tuesday. The currency touched a high and low of 83.4750 and 83.41 respectively.
