Rupee weakens against US dollar on Thursday
Indian rupee weakened against the US dollar on Thursday, tracking subdued domestic equity markets, higher crude oil prices, continuous outflow of foreign funds, and in line with expectations of delayed interest rate cuts by the US Federal Reserve. Foreign institutional investors offloaded Rs 3,362.18 crore in the capital markets on a net basis on Wednesday, exchange data showed. Moreover, stronger American currency and soaring US bond yields have also pushed the rupee down further. Investors are eagerly awaiting US jobs report on Friday for clarity on the Federal Reserve’s interest rate stance for 2025.
The partially convertible currency is currently trading at 85.93, weaker by 2 paise from its previous close of 85.91 on Wednesday. The currency touched a high and low of 85.94 and 85.9075 respectively.
