Rupee weakens against US dollar on Thursday
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Indian rupee weakened against the US dollar on Thursday with caution ahead to the US Fed meeting outcome later this week. Moreover, persistent foreign fund outflows and weak domestic equities have also dented rupee sentiments. Foreign Institutional Investors were net sellers in the capital markets on Wednesday, as they offloaded shares worth Rs 4,445.59 crore, exchange data showed. Rupee fell further with hopes that Donald Trump’s win in the US presidential elections is likely to boost the dollar in the coming months. However, suspected intervention by the Reserve Bank of India have limited further weakness in rupee.
The partially convertible currency is currently trading at 84.34, weaker by 3 paise from its previous close of 84.31 on Wednesday. The currency touched a high and low of 84.3450 and 84.2650 respectively.
