Rupee weakens against US dollar on Thursday
Indian rupee weakened against the US dollar on Thursday after the US Federal Reserve kept interest rates steady and its hawkish post-meeting statement hinted at an extended pause in interest rate cuts. Moreover, sustained foreign fund outflows has also dampened rupee sentiments. Foreign Institutional Investors offloaded equities worth Rs 2,586.43 crore in the capital markets on net basis on Wednesday, exchange data showed. Meanwhile, market participants are focusing on India's upcoming budget announcement that is expected to set the tone for foreign investment and economic growth.
The partially convertible currency is currently trading at 86.58, weaker by 3 paise from its previous close of 86.55 on Wednesday. The currency touched a high and low of 86.59 and 86.5650 respectively.
