Rupee weakens against US dollar on Wednesday

Indian rupee weakened against the US dollar on Wednesday due to expectations of aggressive rate hikes from the US Federal Reserve following higher than expected US CPI inflation data. Moreover, weakness in domestic equities also weighed on market sentiments. Although, Foreign Institutional Investors (FIIs) were net buyers in the capital market as they purchased shares worth Rs 1,956.98 crore on Tuesday, exchange data showed.

The partially convertible currency is currently trading at 79.58, weaker by 41 paise from its previous close of 79.17 on Tuesday. The currency touched a high and low of 79.6050 and 79.4750 respectively.

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