Indian rupee weakened against US dollar on Wednesday after the US inflation data cemented expectations that the US Federal Reserve might maintain interest rates higher for longer until the central bank achieves its 2% inflation goal. Moreover, firm American currency overseas, muted domestic equities and high crude prices also dampened rupee sentiments. However, Foreign institutional investors (FII) bought shares worth a net Rs 1305.3 crore while domestic institutional investors (DII) purchased shares worth a net Rs 204.79 crore on Tuesday, exchange data showed.
The partially convertible currency is currently trading at 82.85, weaker by 7 paise from its previous close of 82.78 on Tuesday. The currency touched a high and low of 82.90 and 82.84 respectively.
