Rupee weakens against US dollar on Wednesday
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Indian rupee weakened against the US dollar on Wednesday as markets awaiting the US Federal Reserve's monetary policy decision due later in the day. Weak trend in equities on the back of rising retail inflation in the country also dampened rupee sentiments. Data showed that India's retail inflation rose to a three-month high of 5.55% in November, although Industrial production growth accelerated to a 16-month high of 11.7% in October. However, Foreign Institutional Investors were net buyers in the capital market on Tuesday as they bought shares worth Rs 76.86 crore, exchange data showed.
The partially convertible currency is currently trading at 83.39, weaker by 2 paise from its previous close of 83.37 on Tuesday. The currency touched a high and low of 83.3975 and 83.3825 respectively.
