Indian rupee weakened against the US dollar on Wednesday, tracking weak domestic equities and strength of the American currency overseas following expectations that the US Federal Reserve would continue hiking interest rates aggressively. Further, recession worries also getting stronger after Russia continued to discontinue crucial oil supply to European nations, made investors cautious. Although, Foreign Institutional Investors (FIIs) were net buyers in the capital market as they purchased shares worth Rs 1,144.53 crore on Tuesday, exchange data showed.
The partially convertible currency is currently trading at 79.91, weaker by 9 paise from its previous close of 79.82 on Tuesday. The currency touched a high and low of 79.94 and 79.86 respectively.
