Indian rupee weakened against the US dollar on Wednesday, tracking a muted trend in domestic equities and after explosions in Poland that Ukraine and Polish authorities said were caused by Russian-made missiles. Further, the strength of the American currency in the overseas market also weighed on rupee sentiments. Moreover, data released by the commerce ministry showed that India’s exports entered negative territory after a gap of about two years, declining sharply by 16.65% to $29.78 billion in October, mainly due to global demand slowdown, even as trade deficit widened to $26.91 billion. Foreign Institutional Investors (FIIs) were net sellers in capital markets as they offloaded shares worth Rs 221.32 crore on Tuesday, exchange data showed.
The partially convertible currency is currently trading at 81.39, weaker by 48 paise from its previous close of 80.91 on Tuesday. The currency touched a high and low of 81.58 and 81.3175 respectively.
