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Rupee weakens against US dollar on Thursday

25 May 2023 Evaluate

Indian rupee weakened against the US dollar on Thursday driven by strong US dollar and weak Chinese Yuan, while worries over the US debt ceiling also pressurizing the domestic currency. Reports showed representatives of US President Joe Biden and congressional Republicans finished another round of debt ceiling talks on Tuesday with no signs of progress as the deadline to raise the government's borrowing limit or risk default ticked closer. However, Foreign Institutional Investors were net buyers in the capital markets as they purchased shares worth Rs 1,185.84 crore, and Domestic Institutional Investors bought shares worth Rs 300.93 crore on Wednesday.  

The partially convertible currency is currently trading at 82.75, weaker by 7 paise from its previous close of 82.68 on Wednesday. The currency touched a high and low of 82.77 and 82.7075 respectively.

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