Indian rupee weakened against the US dollar on Thursday as the American currency strengthening in the overseas market after the US Fed’s hawkish statement on US monetary policy. While, the Fed hiked its interest-rate outlook in 2023 to 0.6% from previous projections of 0.1% in March, signalling two rate hikes before 2023 end as economy recovers. Further, selling seen in the domestic equity market too adding some pressure on rupee. Moreover, Foreign Institutional Investors (FIIs) offloaded shares worth Rs 870.29 crore, exchange data showed.
The partially convertible currency is currently trading at 73.73, weaker by 41 paise from its previous close of 73.32 on Wednesday. The currency touched a high and low of 73.7900 and 73.5700 respectively. The reference rate for the dollar stood at 72.97, and for Euro stood 88.90 on June 9, 2021. While the reference rate for the 100 Yen stood at 66.69, the reference rate for the Great Britain Pound (GBP) stood at 103.38.