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Rupee weakens against US dollar on Wednesday

08 Mar 2023 Evaluate
Indian rupee weakened against the US dollar on Wednesday, weighed down by weak domestic equities and strong American currency after US Federal Reserve Chair Jerome Powell warned US interest rates might need to go up faster and higher than expected to get inflation under control. However, Foreign Institutional Investors (FIIs) were net buyers in the capital markets on Monday as they purchased shares worth Rs 721.37 crore, exchange data showed. Meanwhile, money markets were closed on Tuesday on account of Holi.

The partially convertible currency is currently trading at 82.12, weaker by 20 paise from its previous close of 81.92 on Monday. The currency touched a high and low of 82.1950 and 82.09 respectively.

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