Rupee weakens against US dollar on Thursday
The Indian rupee weakened against the US dollar on Thursday, as investors assessed the US FED outlook following a rate cut. The U.S. central bank's Federal Open Market Committee (FOMC) cut its benchmark interest rate by a quarter of a percentage point, lowering the target range to 4.00%-4.25%. Further, rise in the U.S. Dollar index and foreign fund outflows also dampened rupee sentiments. Foreign Institutional Investors offloaded equities worth Rs 1124.54 crore on Wednesday, exchange data showed. Though, some losses were limited by firm domestic equities and drop in crude oil prices amid worries over US economy and excess supplies.
The partially convertible currency is currently trading at 88.14, weaker by 29 paise from its previous close of 87.85 on Wednesday. The currency touched a high and low of 88.16 and 87.93 respectively.
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