Indian rupee weakened against the US dollar on Wednesday due to strong American currency overseas ahead of US jobs data that seen as crucial to the Federal Reserve’s monetary policy outlook. Moreover, surging Covid-19 delta variant cases and rising crude oil prices also weighed on rupee sentiment. However, Foreign Institutional Investors (FIIs) were net buyers in the capital market as they purchased shares worth Rs 116.63 crore on Tuesday, exchange data showed.
The partially convertible currency is currently trading at 74.44, weaker by 21 paise from its previous close of 74.23 on Tuesday. The currency touched a high and low of 74.4500 and 74.2350 respectively.