Rupee weakens against US dollar in early trade on Thursday
The Indian rupee weakened against the US dollar in early trade on Thursday followed by broad-based demand for the American currency in overseas foreign exchange markets, while geopolitical tensions remained elevated as both countries (US and Iran) were far from reaching an agreement. Although, lower US Treasury yields following the Democratic Party’s overwhelming win in the US midterm elections, foreign fund inflows and softening of crude oil prices cushioned the downside. Foreign Institutional Investors remained net buyers on Wednesday, purchasing equities worth Rs 7,284.03 crore, exchange data showed.
The partially convertible currency is currently trading at 94.52, weaker by 6 paise from its previous close of 94.46 on Wednesday. The currency touched a high and low of 94.55 and 94.32 respectively.
