Mumbai: The Indian rupee weakened against the US dollar in early trade on Wednesday. The Indian currency was weighed down by a negative trend in domestic equities and the recovery of the American currency in the overseas market. Forex dealers said the rupee faced renewed pressure on liquidity constraints, concerns over reciprocal tariff implementations and month-end demand for the US currency from importers. However, foreign fund inflows supported the rupee at lower levels.
At the interbank foreign exchange, the rupee opened at 85.71 against the US dollar, then lost ground and touched 85.78, down 6 paise from its previous close. On Tuesday, the rupee snapped its seven-session rally and settled with a loss of 11 paise at 85.72 against the US dollar.
Also Read: Asian Wrestling Championship: Sunil Kumar wins bronze
Meanwhile, the US dollar index, which gauges the US dollar’s strength against a basket of six currencies, was trading 0.12 per cent higher at 104.30. Foreign institutional investors (FIIs) purchased equities worth Rs 5,371.57 crore on a net basis on Tuesday.
Post Your Comments