Rupee weakens against US dollar in early trade on Monday
Indian Rupee weakened against the US dollar in early trade on Monday, weighed down by elevated Brent crude prices after Iran launched multiple rounds of missiles toward Israel, raising concerns about the stability of the region and the durability of ceasefire efforts. Rupee also weighed down by a strong US dollar index, which hovered around 100 following robust US labour market data that reinforced expectations of a Federal Reserve interest rate increase later this year. Investors are also awaiting key economic data from the US, which could set the path for fresh clues from the US Federal Reserve on interest rate path. Meanwhile, foreign institutional investors offloaded equities worth Rs 8,776.25 crore on a net basis on Friday, exchange data showed.
