Rupee weakens against US dollar on Wednesday
The Indian rupee weakened against the US dollar on Wednesday amidst persistent foreign fund outflows and tariff-related jitters. Foreign Institutional Investors offloaded equities worth Rs 3,398.80 crore on Tuesday, exchange data showed. However, some fall was limited by firm domestic equities after data showed India's July retail inflation cooled sharply to 1.55%, marking the lowest level since June 2017. RBI intervention with $5 billion dollar sales, and weakness in American currency following Fed rate cut prospects for September after mild US inflation data, have also capped rupee’s fall.
The partially convertible currency is currently trading at 87.69, weaker by 6 paise from its previous close of 87.63 on Tuesday. The currency touched a high and low of 87.6950 and 87.6125 respectively.
