Rupee plunge sharply against the US dollar on Monday
The Indian rupee plunged sharply against the US dollar on Monday as the dollar started recovering from six-month low levels, while uncertainties over US President Donald Trump 's trade policies, fears of a global trade war, and uninterrupted outflow of foreign funds from the Indian capital market have also weighed on rupee sentiments. Foreign institutional investors offloaded equities worth Rs 2,035.10 crore on a net basis on Friday, exchange data showed. The latest RBI data on Friday showed that the country's forex reserves dropped by $1.781 billion to $638.698 billion in the week ended February 28. Although easing crude oil prices has limited further weakness in rupee.
The partially convertible currency is currently trading at 87.19, weaker by 24 paise from its previous close of 86.95 on Friday. The currency touched a high and low of 87.34 and 87.18 respectively.
