Indian rupee weakened against US dollar on Wednesday on persistent foreign fund outflows in the market. Foreign institutional investors (FIIs) remained net sellers in the capital market as they offloaded shares worth Rs 2,192.44 crore on Tuesday, exchange data showed. Further, rising global crude prices on expectations of demand recovery in China also weighed on rupee sentiments. Meanwhile, US Federal Reserve Chairman Jerome Powell pledged that the central bank would ratchet up interest rates as high as needed to cool off surging inflation. However, firm domestic equities have restricted the rupee's fall.
The partially convertible currency is currently trading at 77.56, weaker by 12 paise from its previous close of 77.44 on Tuesday. The currency touched a high and low of 77.5850 and 77.4725 respectively.
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