Rupee weakens to all-time low against US dollar on Wednesday
The Indian rupee weakened to an all-time low against the US dollar on Wednesday, as Nationalised banks kept buying US dollars at higher level and foreign fund outflows continued. Foreign Institutional Investors sold equities worth Rs 3,642.30 crore on Tuesday, exchange data showed. Moreover, weak domestic equities and lack of clarity on a trade deal with the United States have also added more pressure on rupee. Meanwhile, investors were cautious as the three-day MPC meeting of the RBI begins today and the interest rate decision will be declared on December 5 ahead of the Federal Reserve’s interest rate decision on December 10.
The partially convertible currency is currently trading at 90.14, weaker by 18 paise from its previous close of 89.96 on Tuesday. The currency touched a high and low of 90.22 and 89.93 respectively.
