Rupee weakens against US dollar on Wednesday
The Indian rupee weakened against the US dollar on Wednesday followed by firm American currency after the US Consumer confidence index sank to a half decade low in April, while US job openings dropped in March. Meanwhile, renewed geopolitical tensions between India and Pakistan also adding pressure on rupee sentiments. However, foreign fund inflows into the Indian capital market, weak crude oil prices and hopes of softening global trade tensions have limited further weakness in the domestic currency. Foreign institutional investors bought equities worth Rs 2,385.61 crore on a net basis on Tuesday, exchange data showed.
The partially convertible currency is currently trading at 85.05, weaker by 9 paise from its previous close of 84.96 on Tuesday. The currency touched a high and low of 85.1575 and 85.0550 respectively.
