Rupee weakens marginally against US dollar on Thursday
Indian rupee weakened marginally against the US dollar on Thursday, tracking foreign fund outflows in the capital market. Provisional data from NSE showed that foreign institutional investors net sold shares worth Rs 306.56 crore on Wednesday. Some concern also came as the latest payroll data released by the EPFO showed that reflecting a slowdown in the pace of formal job creation, new subscribers added by the Employees’ Provident Fund Organisation (EPFO) declined by 10.1 per cent to 5.86 million in the first half (April-September) of FY24, from 6.52 million during the same period last year. However, traders took some support with Reserve Bank of India Governor Shaktikanta Das’ statement that the rupee has witnessed low volatility and orderly movements as compared to its peers.
The partially convertible currency is currently trading at 83.35, weaker by 3 paise from its previous close of 83.32 on Wednesday. The currency touched a high and low of 83.35 and 83.29 respectively.
