Rupee weakens against US dollar on Wednesday
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Indian rupee weakened against the US dollar on Wednesday, as the American currency strengthened against its major peers overseas owing to concerns over the US Federal Reserve's cautious stance on interest rate cuts and the incoming Trump’s administration policies. Moreover persistent foreign fund outflows also weighed on the domestic currency. Foreign Institutional Investors offloaded Rs 4,645.22 crore in the capital markets on net basis on Tuesday, exchange data showed. India's fiscal deficit for the first eight months of this fiscal year through November stood at 8.47 lakh crore rupees or 52.5% of annual estimates, higher than 50.7% recorded in the same period last year.
The partially convertible currency is currently trading at 85.70, weaker by 6 paise from its previous close of 85.64 on Tuesday. The currency touched a high and low of 85.72 and 85.63 respectively.
