INR weakness persists amid sustained foreign fund outflows

The Indian rupee continues to stay battered in opening trades on Wednesday despite a pull back in dollar and oil prices and positive cues from equities. INR opened at Rs 93.94 per dollar but recovered to 93.91 so far during the day as sustained foreign fund outflows kept investors on the edge. Foreign fund outflows amid uncertainties over the West Asia crisis further weighed on the local unit. A drop in global crude oil prices, a weaker greenback, and a strong opening at the domestic equity markets is likely to prevent sharper losses in rupee. Yesterday, the counter ended at 93.76 per dollar.

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