Rupee weakens against US dollar on Wednesday
Indian rupee weakened against the US dollar on Wednesday, pressured by sluggish domestic equities and persistent foreign fund outflows from the country's share markets. Foreign institutional investors were net sellers in the capital markets on Tuesday, as they offloaded shares worth Rs 548.69 crore, exchange data showed. Rupee sentiments declined further ahead of next week's US presidential election and a cautious Federal Reserve stance on interest rates. However, a steady American currency overseas, easing crude oil prices and any intervention by the Reserve Bank of India have supported rupee at lower levels.
The partially convertible currency is currently trading at 84.08, weaker by 3 paise from its previous close of 84.05 on Tuesday. The currency touched a high and low of 84.0875 and 84.0650 respectively.
