Indian rupee weakened against the US dollar on Thursday tracking muted domestic equities followed by fund outflows from foreign institutional investors. Foreign Institutional Investors (FIIs) were net sellers in the capital market as they offloaded shares worth Rs 1,890.96 crore on Wednesday, exchange data showed. Further, increased geopolitical tensions and elevated crude oil prices also adding pressure on rupee sentiments. Meanwhile, investors are looking for cues on whether there is a possibility of a 50 basis point rate hike from the Federal Reserve’s January policy meeting later in the day.
The partially convertible currency is currently trading at 75.08, weaker by 4 paise from its previous close of 75.04 on Wednesday. The currency touched a high and low of 75.1850 and 74.9400 respectively.
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