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Indian rupee weakens against US dollar on Monday
Currency Squeeze: Rupee expected to weaken further
Published on 9/05/2022 2:41:55 PM | Source: IANS
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The rupee extended its losses and touched an all-time low of 77.42 against the US dollar in early trade on Monday.
The Indian currency is weighed by the strength of the American currency in the overseas market and continued foreign fund outflows.
Foreign institutional investors were net sellers in the capital market on Friday, as they offloaded shares worth Rs 5,517.08 crore, as per stock exchange data.
On Friday, the rupee had slumped 55 paise to close at 76.90 against the US dollar.
Further, the rupee slipped on a surge in crude oil prices.
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