Indian rupee weakens against dollar on Thursday

Indian rupee has weakened against the US dollar on Thursday as foreign institutional investors (FIIs) continued to pull out funds from Indian markets. The FIIs were the net sellers on Wednesday’s session, offloading securities worth Rs 819.20 crore. Further, investors took cautious approach as Brent crude oil prices spiked over 5% to trade near $99 a barrel mark after US military conducted strikes against Iran for the twelfth consecutive night with both sides increasingly targeting civilian infrastructure. On the global front, the British pound has weakened against the US dollar on Thursday amid rising concerns over high inflation and more hawkish interest rate outlook.

Finally, the rupee ended at 96.65 (Provisional), weakened by 12 paise from its previous close of 96.53 on Wednesday. The currency touched a high and low of 96.65 and 96.45 respectively.