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Rupee weakens against US dollar in early trade on Wednesday

29 Apr 2026 Evaluate
The Indian rupee weakened against the US dollar in early trade on Wednesday, amid rising crude oil prices, month-end dollar demand and reports that the United States may extend its blockade of Iranian ports, while unabated foreign capital outflows also dampened rupee sentiments. Foreign Institutional Investors offloaded equities worth Rs 2,103.74 crore on Tuesday, exchange data showed. Investors also took note of data showing that India's industrial production growth decelerated to a five-month low of 4.1% in March on account of subdued manufacturing growth and almost flat expansion in the power sector amid the West Asia crisis. Investors are awaiting the US Federal Reserve’s interest rate decision later in the day, with broad expectations that interest rates will be held steady as inflation remains above the 2% target and labour market signals stay mixed.

The partially convertible currency is currently trading at 94.77, weaker by 9 paise from its previous close of 94.68 on Tuesday. The currency touched a high and low of 94.81 and 94.73 respectively.

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