Indian rupee weakened against the US dollar on Friday, tracking weak domestic equities followed by unabated foreign fund outflows and firm crude oil prices. Foreign Institutional Investors (FIIs) were net sellers in the capital market on Thursday, as they offloaded shares worth Rs 2,074.74 crore, exchange data showed. Moreover, strengthening US dollar also adding pressure on rupee sentiments. However, some losses were capped after US Federal Reserve Chairman Jerome Powell played down the prospect of a 75 basis point rate hike.
The partially convertible currency is currently trading at 76.81, weaker by 46 paise from its previous close of 76.35 on Thursday. The currency touched a high and low of 76.8800 and 76.5600 respectively.
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