Indian rupee weakens against US dollar in early trade
The Indian rupee weakened against the US dollar in early trade on Monday, despite lower crude oil prices and ongoing peace talks between the United States and Iran. The High-Level Committee has agreed upon a roadmap towards reaching a final deal within 60 days, laying the foundation for the immediate commencement of further technical talks. Iran announced that it shut the Strait of Hormuz over the weekend in response to Israel's military campaign in Lebanon, while the United States insists that shipping traffic continues to flow. Meanwhile, Foreign institutional investors (FIIs) turned buyers on Friday, purchasing equities worth Rs 4,859.07 crore on a net basis, exchange data showed.
The partially convertible currency is currently trading at 94.46, weaker by 13 paise from its previous close of 94.33 on Friday. The currency touched a high and low of 94.49 and 94.2450 respectively.
