Rupee weakens against US dollar in early trade on Wednesday
The Indian rupee weakened against the US dollar in early trade on Wednesday, pressured by a surge in crude oil prices, higher US Treasury yields and a strengthening American currency overseas. This came after the United States launched fresh military strikes against Iran late Tuesday and revoked a license allowing the country to sell oil after three tankers were hit by projectiles in the Strait of Hormuz. Besides, weakness in the domestic equity markets and caution ahead of the US Federal Reserve minutes also pressured the rupee sentiments. Meanwhile, Foreign institutional investors (FIIs) purchased equities worth Rs 393.19 crore on a net basis on Tuesday, exchange data showed.
The partially convertible currency is currently trading at 95.12, weaker by 16 paise from its previous close of 94.96 on Tuesday. The currency touched a high and low of 95.19 and 94.98 respectively.
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