Indian rupee weakened against the US dollar on Wednesday, weighed down by persistent foreign fund outflows and firm American currency at overseas market with caution ahead of election results of the world's biggest economy. Early reports showed Donald Trump taking lead over Kamala Harris. Foreign institutional investors were net sellers in the capital markets on Tuesday, as they offloaded shares worth Rs 2,569.41 crore, exchange data showed. Meanwhile, investors are awaiting the Federal Reserve's monetary policy announcement scheduled this week. However, firm domestic equities and suspected intervention by the Reserve Bank of India have limited further falls in rupee.
The partially convertible currency is currently trading at 84.19, weaker by 10 paise from its previous close of 84.09 on Tuesday. The currency touched a high and low of 84.2350 and 84.1550 respectively.
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