Indian rupee weakened against the US dollar on Thursday, following weakness in domestic equities amid foreign fund outflows from the capital market. Data showed Foreign Institutional Investors (FIIs) were net sellers in the capital market as they offloaded shares worth Rs 1,896.02 crore on Wednesday. Meanwhile global investors are remained cautious ahead of the deadline for the US debt ceiling bill later in the day, fearing a potential US government shutdown. On the global front, the US dollar held near a one-year high against its major peers amid expectations for a tapering of Federal Reserve stimulus from November and a possible interest rate hike in late 2022.
The partially convertible currency is currently trading at 74.28, weaker by 14 paise from its previous close of 74.14 on Wednesday. The currency touched a high and low of 74.3600 and 74.2600 respectively.
