Rupee weakens against US dollar on Wednesday
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Indian rupee weakened and hit a new intraday record low of 84.9375 against the US dollar on Wednesday ahead of the US Fed interest rate decision. The US Federal Reserve is expected to lower its benchmark interest rate by 25 basis points at the conclusion of its two-day meeting later today. Moreover, dollar demand from importers and foreign banks, sluggish domestic equities, foreign fund outflows and rising trade deficit have also dented investor sentiments. Foreign Institutional Investors offloaded Rs 6,409.86 crore in the capital markets on net basis on Tuesday, exchange data showed.
The partially convertible currency is currently trading at 84.93, weaker by 2 paise from its previous close of 84.91 on Tuesday. The currency touched a high and low of 84.9375 and 84.9150 respectively.
