Rupee weakens against US dollar on Thursday
Indian rupee weakened to an all-time low of 85.0750 against the US dollar on Thursday, tracking gains in American currency overseas after US Fed chair Jerome Powell-led rate-setting panel cut key interest rates by 25 bps and flagged a slower pace of interest rate cuts next year. Moreover, dollar demand from importers, foreign fund outflows and sluggish domestic equities have also further dented investor sentiments. Foreign Institutional Investors offloaded Rs 1,316.81 crore in the capital markets on net basis on Wednesday, to exchange data.
The partially convertible currency is currently trading at 85.06, weaker by 12 paise from its previous close of 84.94 on Wednesday. The currency touched a high and low of 85.0750 and 85.0350 respectively.
