Rupee weakens against US dollar on Thursday
Indian rupee weakened against the US dollar on Thursday amid rising crude oil prices, concerns over geopolitical uncertainties and foreign fund outflows from Indian capital market. Foreign institutional investors offloaded equities worth Rs 4,533.49 crore on Wednesday, exchange data showed. However, some weakness were limited by firm domestic equity markets as cooler-than-expected US CPI data fuelled expectations that the US Federal Reserve might cut interest rates this quarter. Intervention from the Reserve Bank of India has also helped to limit weakness in rupee.
The partially convertible currency is currently trading at 86.49, weaker by 9 paise from its previous close of 86.40 on Wednesday. The currency touched a high and low of 86.49 and 86.40 respectively.
