Rupee weakens to record low against US dollar on Monday
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Indian rupee weakened to record low against the US dollar in early trade on Monday tracking the strength of the American currency overseas, while higher-than-expected inflation reading in the world’s largest economy suggesting that US Fed may act aggressively to get inflation under control. Moreover, a lackluster trend in domestic equities and ongoing foreign capital outflows also kept pressure on rupee. Foreign Institutional Investors (FIIs) were net sellers in the capital market as they offloaded shares worth Rs 3,973.95 crore on Friday, exchange data showed.
The partially convertible currency is currently trading at 78.25, weaker by 32 paise from its previous close of 77.93 on Friday. The currency touched a high and low of 78.29 and 78.18 respectively.
