Rupee weakens against US dollar in early trade on Monday
The Indian rupee weakened against the US dollar in early trade on Monday, after crude oil prices climbed following stalled US-Iran talks. The uncertainty around the Strait of Hormuz and Middle Eastern oil supplies remained in focus after US President Donald Trump rejected an Iranian proposal aimed at resolving the conflict. Further, stronger US dollar, elevated US Treasury yields and intensified bets on tighter Fed monetary policies have weighed on rupee sentiment. Continuous fund outflows from foreign institutional investors (FIIs) further added pressure on the domestic currency. Foreign institutional investors (FIIs) offloaded equities worth Rs 3,693.93 crore on a net basis on Friday, exchange data showed. However, a possible intervention by the Reserve Bank of India (RBI) helped to limit further losses.
The partially convertible currency is currently trading at 95.95, weaker by 20 paise from its previous close of 95.75 on Friday. The currency touched a high and low of 95.96 and 95.87 respectively.
