Rupee weakens against US dollar on Thursday
The Indian rupee weakened against the US dollar on Thursday, as investors are keeping an eye on US fiscal developments, trade tariff issues and FPI trends for more clues on market direction. Meanwhile, decline in the US dollar’s value, positive trends in domestic equities, foreign fund inflows, expectations of further Federal Reserve rate cuts, and lower crude oil prices amid easing Middle East tensions, have supported the rupee to some extent. Foreign Institutional Investors bought equities worth Rs 81.28 crore on a net basis on Wednesday, exchange data showed.
The partially convertible currency is currently trading at 88.78, weaker by 3 paise from its previous close of 88.75 on Wednesday. The currency touched a high and low of 88.79 and 88.74 respectively.
