Published on 23/01/2023 12:05:05 PM | Source: Accord Fintech

Rupee weakens against US dollar on Monday

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Indian rupee weakened against the US dollar on Monday amid foreign fund outflows in the capital market. Foreign Institutional Investors (FIIs) were net sellers in the capital market on Friday as they sold shares worth Rs 2,002.25 crore, exchange data showed. Rupee fell further despite fall in crude oil prices and weaker American currency at overseas markets. Meanwhile, India’s central bank likely to bought dollars via state-run banks to prevent the rupee from appreciating significantly above the 81 psychological level. On the global front, the Euro scaled a nine-month high against dollar as more hawkish comments on European interest rates contrasted with market pricing for a less aggressive US Federal Reserve.


The partially convertible currency is currently trading at 81.25, weaker by 8 paise from its previous close of 81.17 on Friday. The currency touched a high and low of 81.2550 and 80.93 respectively.