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Rupee weakens against US dollar on Thursday

26 May 2022 Evaluate

Indian rupee weakened against the US dollar on Thursday tracking negative trend in equities market, even as the minutes of the US Federal Reserve’s last meeting were largely in line with expectation. Further, rising crude oil prices in the international markets and continued foreign fund outflows also put pressure on the domestic currency. Foreign Institutional Investors (FIIs) remained net sellers in the capital market on Wednesday as they offloaded shares worth Rs 1,803.06 crore, exchange data showed. However, easing American currency at overseas market supported rupee and capped its losses to some extent.

The partially convertible currency is currently trading at 77.63, weaker by 8 paise from its previous close of 77.55 on Wednesday. The currency touched a high and low of 77.6450 and 77.5250 respectively.

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