Rupee weakens marginally against US dollar on Monday
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Indian rupee weakened marginally against US dollar on Monday, tracking significant foreign fund outflows from the capital markets. Foreign institutional investors were net sellers in the capital market on Friday as they offloaded shares worth Rs 2,116.76 crore, exchange data showed. Moreover, expectations of further interest rate hikes by the US Federal Reserve this year, also weighed on domestic currency. However, easing crude oil prices and rising forex reserves limited further weakness in rupee. India's forex reserves rose $1.657 billion to $586.412 billion as of April 14, marking their second consecutive week of increase, Reserve Bank of India data showed.
The partially convertible currency is currently trading at 82.07, weaker by 1 paise from its previous close of 82.06 on Friday. The currency touched a high and low of 82.09 and 82.0550 respectively
