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Published on 14/11/2022 12:49:11 PM | Source: Accord Fintech

Indian rupee weakens against US dollar on Monday

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Indian rupee weakened against the US dollar on Monday in line with a weak trend in domestic equities and stronger US dollar. Further, crude oil prices gained on demand recovery hopes after the world’s top crude importer China eased some of its strict Covid-19 protocols, also added pressure on rupee sentiments.  However, Foreign Institutional Investors (FIIs) were net buyers in capital markets as they purchased shares worth Rs 3,958.23 crore on Friday, according to exchange data. Meanwhile, forex traders are keeping an eye on India's retail inflation data to be announced later in the day. 

The partially convertible currency is currently trading at 81.21, weaker by 43 paise from its previous close of 80.78 on Friday. The currency touched a high and low of 81.29 and 80.53 respectively.