Rupee weakens against US dollar in early trade on Friday
The Indian rupee weakened against the US dollar in early trade on Friday, pressured by weak domestic equities tracking a sharp sell-off in technology stocks globally. Besides, weakness in Asian peers and impact of maturing NDF positions have also hurt the rupee. Moreover, a firm American currency dampened rupee sentiment, while investors are cautiously awaiting the January US consumer price index data that could shape expectations for Federal Reserve policy. However, some falls were limited as both FIIs and DIIs were remained net buyers on Thursday. FIIs purchased equities worth Rs 108.42 crore, while DIIs bought shares worth Rs 276.85 crore on Thursday, exchange data showed.
The partially convertible currency is currently trading at 90.73, weaker by 12 paise from its previous close of 90.61 on Thursday. The currency touched a high and low of 90.7475 and 90.65 respectively.
