Indian rupee weakened against the US dollar on Friday, tracking weak domestic equity market following unabated foreign fund outflows and discovery of a new coronavirus variant in South Africa that could resist current vaccines. Foreign Institutional Investors (FIIs) were net sellers in the capital market as they offloaded shares worth of Rs 2,300.65 crore on Thursday, exchange data showed. On the global front, US dollar still held near 16-month highs amid bets that the US central bank Fed will tighten monetary policy faster than anticipated.
The partially convertible currency is currently trading at 74.74, weaker by 22 paise from its previous close of 74.52 on Thursday. The currency touched a high and low of 74.7550 and 74.5800 respectively.
