Rupee weakens marginally against US dollar on Thursday
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Indian rupee weakened marginally against US dollar on Thursday as investors are cautiously awaiting the RBI's monetary policy decision and US non-farm payrolls report, both due on Friday. Rupee fell further as stronger-than-expected US services sector data highlighted uncertainty surrounding the expected start of the Federal Reserve's easing cycle later this year. However, some losses were limited by weak American currency and firm domestic equities as Narendra Modi prepares to take office for an unprecedented third consecutive term as Prime Minister, with the NDA securing 293 seats in the Lok Sabha elections.
The partially convertible currency is currently trading at 83.46, weaker by 2 paise from its previous close of 83.44 on Wednesday. The currency touched a high and low of 83.4750 and 83.40 respectively.
