Rupee weakens against US dollar on Thursday
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Indian rupee weakened against the US dollar on Thursday after data showed India's industrial production growth slipped to 3-month low of 5% in April 2024. Moreover, strength of the American currency at overseas markets and elevated crude oil prices also weighed on rupee. However, some losses were limited by firm domestic equites after data showed retail inflation continued its downward slide to reach a one-year low of 4.75% in May and remained within the Reserve Bank's comfort zone of below 6%. US Federal Reserve officials signalled just one interest rate cut this year despite cooler inflation data. Foreign Institutional Investors were net buyers in the capital markets on Wednesday, as they purchased shares worth Rs 426.63 crore, exchange data showed.
The partially convertible currency is currently trading at 83.54, weaker by 6 paise from its previous close of 83.48 on Wednesday. The currency touched a high and low of 83.5475 and 83.5150 respectively.
