Rupee weakens against US dollar on Wednesday
The Indian rupee weakened against the US dollar on Wednesday tracking firm American currency overseas and foreign fund outflows from the Indian capital market. Foreign institutional investors offloaded equities worth Rs 26.12 crore on a net basis on Tuesday, according to exchange data. Rupee weakened further after US President Donald Trump reiterated the 10% additional tariff on India as it belongs to the Brics group. Meanwhile, investors remained cautious ahead of the finalisation of an interim trade deal between India and the United States. Investors are also awaiting the US Federal Reserve’s latest meeting minutes for hints of potential interest rate cuts amid the central bank’s wait-and-see approach.
The partially convertible currency is currently trading at 85.86, weaker by 13 paise from its previous close of 85.73 on Tuesday. The currency touched a high and low of 85.9350 and 85.81 respectively.
