Rupee weakens marginally against US dollar on Wednesday
Indian rupee weakened marginally against the US dollar on Wednesday, driven by massive selling in domestic equities and a strong American currency at overseas markets as expectations for interest rate cut in March were dampened following the remarks of US Fed Governor Christopher Waller. US Waller said that while the US is within striking distance of the Fed's 2% inflation goal, the Fed should not rush towards cuts in its benchmark interest rate until it is clear lower inflation will be sustained. However, foreign fund inflows and softening crude oil prices have limited further falls in rupee sentiments. Foreign Institutional Investors were net buyers in the equity market on Tuesday as they bought shares worth Rs 656.57 crore, exchange data showed.
The partially convertible currency is currently trading at 83.13, weaker by 1 paise from its previous close of 83.12 on Tuesday. The currency touched a high and low of 83.1550 and 83.0925 respectively.
