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Indian rupee weakened against the US dollar on Thursday amid volatile crude oil prices, sluggish domestic equity markets and persistent foreign fund outflows as investors trimmed hopes of aggressive rate cuts by the US Federal Reserve. Foreign Institutional Investors were net sellers in the capital markets on Tuesday, as they offloaded shares worth Rs 3,411.73 crore, exchange data showed. However, some falls were limited by a weaker American currency and likely intervention by the Reserve Bank of India (RBI) as the domestic currency teetered near its all-time low. The foreign exchange market was closed on Wednesday due to assembly elections in Maharashtra.

The partially convertible currency is currently trading at 84.44, weaker by 2 paise from its previous close of 84.42 on Tuesday. The currency touched a high and low of 84.4425 and 84.41 respectively.