Rupee weakens against US dollar on Thursday
Indian rupee weakened and made a fresh record low of 87.57 against the US dollar on Thursday tracking sluggish domestic equities on weak PMI data and anticipation of an RBI rate cut tomorrow. India's services sector activity expanded at the slowest pace in over two years in January amid softer increases in sales and output. The seasonally adjusted HSBC India Services PMI Business Activity Index fell from 59.3 in December to 56.5 in January, its lowest level since November 2022. Moreover, concerns over escalating global trade tensions and sustained foreign fund outflows have also adding pressure on rupee sentiments. Foreign institutional investors offloaded equities worth Rs 1,682.83 crore in the capital markets on a net basis on Wednesday, exchange data showed.
The partially convertible currency is currently trading at 87.55, weaker by 12 paise from its previous close of 87.43 on Wednesday. The currency touched a high and low of 87.57 and 87.5125 respectively.
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