Rupee weakens against US dollar on Wednesday
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Indian rupee weakened against the US dollar on Wednesday, tracking weak domestic equities after the latest inflation report that showed prices climbing to a 14-month high of 6.21% in October and breached the Reserve Bank of India's upper tolerance limit. Moreover, persistent foreign fund outflows and strengthening dollar Index have also adding pressure on rupee. Foreign Institutional Investors were net sellers in the capital markets on Tuesday, as they offloaded shares worth Rs 3,024.31 crore, exchange data showed. Although, likely intervention by the Reserve Bank of India (RBI), the country’s central bank, helped avoid sharp losses.
The partially convertible currency is currently trading at 84.40, weaker by 1 paise from its previous close of 84.39 on Tuesday. The currency touched a high and low of 84.4075 and 84.3950 respectively.
