Rupee weakens against US dollar amid high crude prices
The Indian rupee weakened against the US dollar on Tuesday as rising crude oil prices weighed on the currency amid a weak dollar. The dollar index fell to its lowest since 2023 after the Manufacturing Imports Index and Manufacturing PMI slipped in the US. Also, outflow of foreign funds weighted down on the local currency. According to exchange data, foreign institutional investors (FIIs) sold equities worth Rs 2,589.47 crore on a net basis on June 2. There was cautiousness as the Engineering Export Promotion Council of India said that US President Donald Trump's proposed 50 per cent tariff on steel and aluminium imports could severely impact India's engineering goods' shipments.
The partially convertible currency is currently trading at 85.48, weaker by 9 paise from its previous close of 85.39 on Monday. The currency touched a high and low of 85.56 and 85.44 respectively.
