Rupee weakens against US dollar in early trade on Friday
The partially convertible currency is currently trading at 92.71, weaker by 20 paise from its previous close of 92.51 on Thursday
The Indian rupee weakened against the US dollar in early trade on Friday, driven by a firm US dollar overseas following robust American economic data and hawkish comments from Federal Reserve officials, which dampened sentiment for emerging market currencies. Moreover, rising crude oil prices, uncertainty surrounding the Iran conflict, heightened foreign institutional investor (FII) outflows, and continued demand for dollars from banks and importers have also weighed on rupee sentiments. Foreign Institutional Investors offloaded equities worth Rs 1,711.19 crore on Thursday, exchange data showed. Meanwhile, the Indian Rupee is experiencing heightened intra-day volatility as the Reserve Bank of India (RBI) deadline for banks to cap their overnight net open positions at $100 million is ending today.
The partially convertible currency is currently trading at 92.71, weaker by 20 paise from its previous close of 92.51 on Thursday. The currency touched a high and low of 92.7650 and 92.41 respectively.
