Indian rupee weakened against the US dollar on Thursday, driven by the strength of the American currency in the overseas market. Moreover, surging crude oil prices and persistent sell-off by foreign institutional investors also weighed on rupee sentiments. Foreign Institutional Investors were net sellers in the capital market as they offloaded shares worth Rs 2,484.25 crore on Wednesday, exchange data showed. On the global front, the euro strengthened ahead of a European Central Bank policy announcement due later in the day. The European Central Bank is expected to take a hawkish stance with interest rate hikes to begin in July.
The partially convertible currency is currently trading at 77.77, weaker by 9 paise from its previous close of 77.68 on Wednesday. The currency touched a high and low of 77.7825 and 77.7425 respectively.
