The Indian rupee weakened against the US dollar in early trade on Friday, pressured by foreign fund outflow, strength in US dollar and continued disruptions to global crude oil supplies. Foreign institutional investors (FIIs) offloaded equities worth Rs 298.26 crore on a net basis on Thursday, exchange data showed. Although, softer Brent crude prices limited further weakness in the rupee. Meanwhile, market participants are now keenly awaiting Fed Chair Kevin Warsh's debut speech in Jackson Hole, Wyoming, for cues on the outlook for US monetary policy and the dollar.
The partially convertible currency is currently trading at 95.56, weaker by 11 paise from its previous close of 95.45 on Thursday. The currency touched a high and low of 95.5725 and 95.5000 respectively.
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