Rupee weakens marginally against US dollar in early trade on Wednesday
The Indian rupee weakened marginally against the US dollar in early trade on Wednesday, amid escalating US-Iran tensions and higher Brent crude prices above $95/barrel. Moreover, rising US Treasury yields and expectations of a Federal Reserve rate hike added pressure on the rupee. However, the RBI’s intervention, with flow-related dollar selling by foreign banks, provided some support and limited further falls in the rupee. Foreign institutional investors (FIIs) bought equities worth Rs1,143.38 crore on a net basis on Tuesday, exchange data showed.
The partially convertible currency is currently trading at 94.96, weaker by 1 paisa from its previous close of 94.95 on Tuesday. The currency touched a high and low of 94.97 and 94.90 respectively.
