Rupee weakens against US dollar on Wednesday
The Indian rupee weakened against the US dollar on Wednesday amid sustained foreign fund outflows amid heightened uncertainty surrounding the West Asia conflict. Foreign institutional investors sold equities worth Rs 8,009.56 crore on a net basis on Tuesday, exchange data showed. However, a drop in global crude oil prices, a weaker American currency, and strong domestic equity market sentiment have prevented sharper losses in the local currency. The RBI has been actively selling dollars in the foreign exchange market to cushion the currency's losses and prevent it from breaching its record low.
The partially convertible currency is currently trading at 93.94, weaker by 18 paise from its previous close of 93.76 on Tuesday. The currency touched a high and low of 93.9650 and 93.91 respectively.
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