Indian rupee weakens against US dollar on Wednesday

Indian rupee has weakened against US dollar on Wednesday as elevated global crude oil prices continued to weigh on investor sentiment. The Brent crude oil prices were trading above $115 a barrel mark after attack on Saudi Arabia’s refinery fuelled supply concerns. Besides, traders awaited the Federal Reserve's policy outcome for cues on future interest rate trajectory. Meanwhile, market participants overlooked the fresh capital inflows from foreign institutional investors (FIIs). FIIs were the net buyers on Tuesday’s session, buying securities worth Rs 4,240.39 crore. On the global front, British pound has weakened against the US dollar on Wednesday ahead of UK’s first budget.

Finally, the rupee ended at 95.28 (Provisional), weakened by 21 paise from its previous close of 95.07 on Tuesday. The currency touched a high and low of 95.29 and 94.98 respectively.