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Rupee weakens against US dollar on Thursday

11 May 2023 Evaluate
Indian rupee weakened against the US dollar on Thursday after mixed US inflation report. Data showed that US consumer price index inflation grew at a slightly slower than expected annual pace through April, but remained well above the US Federal Reserve’s annual target range. Meanwhile traders are cautiously awaiting India’s inflation data, which will provide cues for the Reserve Bank of India's next monetary policy moves. However, firm domestic equities and foreign fund inflows into capital market have limited further fall in rupee. Foreign Institutional Investors (FIIs) were net buyers in the capital market on Wednesday as they purchased shares worth Rs 1,833.13 crore, exchange data showed.

The partially convertible currency is currently trading at 82.03, weaker by 9 paise from its previous close of 81.94 on Wednesday. The currency touched a high and low of 82.0375 and 81.9350 respectively.

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