Rupee weakens against US dollar on Wednesday
The Indian rupee weakened against the US dollar on Wednesday as investors are awaiting crucial US inflation reports this week that could help define the size and scope of interest rate cuts from the Federal Reserve for next week and beyond. Meanwhile, a moderate rise in global crude oil prices has also added more pressure on rupee sentiments. However, foreign fund inflows and weaker dollar overseas have limited further weakness in the rupee. Foreign Institutional Investors bought equities worth Rs 2,050.46 crore on Tuesday, exchange data showed.
The partially convertible currency is currently trading at 88.16, weaker by 1 paise from its previous close of 88.15 on Tuesday. The currency touched a high and low of 88.1775 and 88.0875 respectively.
