Indian rupee weakened against the US dollar on Thursday tracking weak domestic equities amid volatility following worries about the rise in Covid-19 cases, while strengthening American currency overseas and strong crude oil prices too weighed on rupee sentiment. Foreign Institutional Investors (FIIs) were net sellers as they offloaded shares worth Rs 1,646.66 crore in the capital market on Wednesday, exchange data showed. On the global front, the US dollar hovered near multi-month peaks against other major rivals ahead of a key US jobs report that could offer clues on when the Federal Reserve will start to pare back stimulus.
The partially convertible currency is currently trading at 74.39, weaker by 7 paise from its previous close of 74.32 on Wednesday. The currency touched a high and low of 74.4200 and 74.3400 respectively.