Indian rupee weakened against the US dollar on Wednesday, tracking the firm American currency overseas. Further, foreign fund outflows and concerns over continued spread of the Delta coronavirus variant too weakened sentiment. Foreign Institutional Investors (FIIs) were net sellers in the capital market as they offloaded shares worth Rs 1,644.91 crore on Tuesday, exchange data showed. Meanwhile global investors are eyeing to the US Federal Reserve’s guidance on asset tapering and interest rate hikes.
The partially convertible currency is currently trading at 74.28, weaker by 9 paise from its previous close of 74.19 on Tuesday. The currency touched a high and low of 74.2950 and 74.2000 respectively.
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