Indian rupee weakened against the US dollar on Wednesday, tracking weakness in domestic as well as global equities, while foreign fund outflows from the capital markets too weighed on rupee sentiments. Foreign Institutional Investors (FIIs) were net sellers in the capital market as they offloaded shares worth Rs 1957.70 crore on Tuesday, exchange data showed. On the global front, the US dollar traded near its highest levels of the year tracking the rise in Treasury yields following investor nervousness after the US Federal Reserve hinted it may soon taper its asset purchasing program.
The partially convertible currency is currently trading at 74.13, weaker by 7 paise from its previous close of 74.06 on Tuesday. The currency touched a high and low of 74.1900 and 74.1250 respectively.
