Rupee weakens against US dollar in early trade on Monday
The Indian rupee weakened against the US dollar in early trade on Monday, pressured by Brent crude oil surging past $90 per barrel as the US-Iran conflict widened followed Tehran's declaration that last month's interim agreement aimed at permanently ending the fighting collapsed, while shipping traffic through the Strait of Hormuz was largely stalled. Moreover, foreign fund outflows and weak domestic equities also weighed on the rupee sentiments. Foreign Institutional Investors offloaded equities worth Rs 376.41 crore on a net basis on Friday, exchange data showed. Meanwhile, the RBI data released on Friday showed India's forex reserves jumped $964 million to $675.157 billion in the week ended July 10.
The partially convertible currency is currently trading at 96.48, weaker by 18 paise from its previous close of 96.30 on Friday. The currency touched a high and low of 96.53 and 96.35 respectively.
