Rupee weakens against US dollar in early trade on Monday
The Indian rupee weakened against the US dollar in early trade on Monday due to strong American currency overseas following the US military action in Venezuela while focusing on key US economic data this week that could influence Federal Reserve policy. Although, fresh buying from FIIs and lower crude oil prices have limited further falls in rupee. Foreign Institutional Investors (FIIs) turned buyers on Friday, buying equities worth Rs 289.80 crore, while Domestic Institutional Investors (DIIs) extended their buying streak with net purchases of Rs 677.38 crore, exchange data showed. The latest RBI data released on Friday showed India's forex reserves jumped by $3.293 billion to $696.61 billion in the week to December 26.
The partially convertible currency is currently trading at 90.28, weaker by 8 paise from its previous close of 90.20 on Friday. The currency touched a high and low of 90.5075 and 90.20 respectively.
