Rupee weakens to near all-time low against US dollar on Thursday
Indian rupee weakened to near all-time low against the US dollar on Thursday on the back of foreign fund outflows from the Indian capital market and rising crude oil prices. Foreign Institutional Investors were net sellers in the capital markets on Wednesday, as they offloaded shares worth Rs 1,012.24 crore, exchange data showed. Moreover sluggish domestic equities also weighed on rupee, even after US CPI inflation came on expected lines fuelling bets of a 25 basis point rate cut by the Federal Reserve next week. Although, intervention by the central bank, RBI, has kept a lid on losses.
The partially convertible currency is currently trading at 84.87, weaker by 4 paise from its previous close of 84.83 on Wednesday. The currency touched a high and low of 84.8875 and 84.85 respectively.
