Rupee weakens against US dollar in early trade on Monday
The Indian rupee weakened against the US dollar in early trade on Monday, weighed down by a stronger US dollar and sustained foreign fund outflows. Foreign Institutional Investors (FIIs) offloaded equities worth Rs 9,484.22 crore on a net basis on Thursday, exchange data showed. However, losses in the domestic unit were limited as crude oil prices softened after rising exports from West Asia eased supply concerns. Meanwhile, RBI data showed India's forex reserves dropped $18.343 billion to $747.557 billion during the week ended September 25. Investors keenly await the RBI’s monetary policy review, with the Monetary Policy Committee (MPC) is expected to raise rates by 25 basis points to 5.5 percent. Forex markets were shut on Friday on account of Mahatma Gandhi Jayanti.
The partially convertible currency is currently trading at 96.28, weaker by 3 paise from its previous close of 96.25 on Thursday. The currency touched a high and low of 96.28 and 96.20 respectively.
