Indian rupee weakened against the US dollar on Wednesday, tracking weakness in domestic equities after the Reserve Bank of India (RBI) hiked the policy repo rate for a fifth consecutive time by 35 basis points to 6.25%. Moreover, firm American currency at overseas market and foreign fund outflows also weighed on Rupee sentiments. Foreign Institutional Investors (FIIs) were net sellers in capital markets as they offloaded shares worth Rs 635.35 crore on Tuesday, exchange data showed.
The partially convertible currency is currently trading at 82.52, weaker by 2 paise from its previous close of 82.50 on Tuesday. The currency touched a high and low of 82.75 and 82.43 respectively.
