Rupee weakens against US dollar on Wednesday
The Indian rupee weakened against the US dollar on Wednesday, tracking sluggish domestic equities as the market awaits the conclusion of India-US trade deal, which is at its final stage. Rupee sentiments weakened further by foreign fund outflows from capital markets. Foreign institutional investors (FIIs) offloaded equities worth Rs 1,970.14 crore on a net basis on Tuesday, according to exchange data. However, some fall was limited by weakness in the American currency against its major peers as traders considered the dovish hints from Federal Reserve chair Jerome Powell.
The partially convertible currency is currently trading at 85.68, weaker by 9 paise from its previous close of 85.59 on Tuesday. The currency touched a high and low of 85.7150 and 85.5775 respectively.
