Rupee weakens against US dollar in early trade on Thursday
The Indian rupee weakened against the US dollar in early trade on Thursday as rising US Treasury yields and elevated Brent crude prices fuelled by escalating US-Iran tensions weighed on the currency. A sustained rise in crude oil prices could increase inflationary pressure and raise India's import bill. Meanwhile foreign fund outflows and persistent dollar demand have also dampened rupee sentiments. Foreign Institutional Investors (FIIs) offloaded equities worth Rs 582 crore on a net basis on Wednesday, according to exchange data. However, RBI’s intervention helped contain the decline.
The partially convertible currency is currently trading at 95.19, weaker by 11 paise from its previous close of 95.08 on Wednesday. The currency touched a high and low of 95.33 and 95.15 respectively.
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