Indian rupee weakened against the US dollar on Wednesday, driven by unabated foreign fund outflows in the market. Foreign Institutional Investors (FIIs) were net sellers in the capital market on Tuesday, as they offloaded shares worth Rs 1,174.05 crore, exchange data showed. Further, strong dollar at overseas markets following concerns about slowing growth in China and expectations the Federal Reserve will aggressively hike rates also adding pressure on the domestic currency. However, expectations of stimulus from China capped weakness in the domestic unit.
The partially convertible currency is currently trading at 76.65, weaker by 9 paise from its previous close of 76.56 on Tuesday. The currency touched a high and low of 76.7275 and 76.6200 respectively.
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