Indian rupee weakened against the US dollar on Monday, tracking muted trend in domestic equities and rising crude oil prices following increasing concerns over the new Covid variant Omicron. Further, firm American currency overseas and foreign fund outflows have also weighed on rupee sentiments. Foreign institutional investors (FIIs) were net sellers in the capital market as they offloaded shares worth Rs 3,356.17 crore on Friday, exchange data showed. Meanwhile, Singapore’s Ministry of Health has stated that Omicron variant of COVID-19 have a higher risk of reinfection compared to the Delta and Beta variants of the virus.
The partially convertible currency is currently trading at 75.31, weaker by 19 paise from its previous close of 75.12 on Friday. The currency touched a high and low of 75.3175 and 75.1900 respectively.