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Rupee weakens against US dollar on Wednesday

06 Apr 2022 Evaluate

Indian rupee weakened against the US dollar on Wednesday tracking the negative trend in domestic equities. While, strengthening American currency in the overseas market amid hawkish comments from US Fed policymakers and expectations of rate hikes by the Fed to cool inflationary pressures, also dampened rupee sentiments. However, Foreign Institutional Investors (FIIs) remained net buyers in the capital market on Tuesday as they purchased shares worth Rs 374.89 crore, exchange data showed. Meanwhile, investors are awaiting cues from the RBI monetary policy meeting.

The partially convertible currency is currently trading at 75.67, weaker by 38 paise from its previous close of 75.29 on Tuesday. The currency touched a high and low of 75.6775 and 75.4825 respectively.

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