Rupee weakens against US dollar on Thursday
The Indian rupee weakened against the US dollar on Thursday as the American currency strengthened overseas and after the latest tariff announcements from the United States weighed on emerging currencies, including the rupee. Moreover, sustained foreign fund outflows has also added pressure on rupee sentiments. Meanwhile, investors are awaiting this week’s US Personal Consumption Expenditures (PCE) data, the Fed's preferred inflation gauge. Foreign Institutional Investors offloaded equities worth Rs 3,529.10 crore in the capital markets on net basis on Tuesday, exchange data showed. The Forex markets were closed yesterday on account of Mahashivratri.
The partially convertible currency is currently trading at 87.22, weaker by 3 paise from its previous close of 87.19 on Tuesday. The currency touched a high and low of 87.41 and 87.12 respectively.
