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 American currency and a rise in global crude oil prices. Uncertainty continued over the reopening of the Strait of Hormuz after Iran said negotiations with Oman on establishing new shipping routes were nearing completion, while maintaining that the US still needed to fulfil additional conditions. However, foreign fund inflows, strong forex reserves and continued Reserve Bank of India intervention capped further fall in the domestic unit. Foreign institutional investors (FIIs) purchased equities worth Rs 480.24 crore on a net basis on Friday, exchange data showed. The RBI data released on Friday showed the country's forex reserves jumped by $10.512 billion to $692.866 billion during the week ended July 31.
The partially convertible currency is currently trading at 95.22, weaker by 5 paise from its previous close of 95.17 on Friday. The currency touched a high and low of 95.2625 and 95.1875 respectively.
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