Rupee weakens against US dollar amid dollar demand
Indian rupee weakened against the US dollar on Monday amid dollar demand from importers and ahead of US Federal Reserve interest rate decision in the week. Moreover, elevated crude oil prices on escalating geopolitical tensions in the Middle East and foreign fund outflows also dampened rupee sentiments. Foreign Institutional Investors were net sellers in the capital markets on Thursday as they offloaded shares worth Rs 2,144.06 crore, exchange data showed. However, positive domestic equities limited further weakness in rupee. India's forex reserves jumped $1.634 billion to $618.937 billion for the week ended January 12, RBI said on Friday. Forex markets were closed on Friday on account of Republic Day.
The partially convertible currency is currently trading at 83.14, weaker by 3 paise from its previous close of 83.11 on Thursday. The currency touched a high and low of 83.1550 and 83.14 respectively.
