Rupee weakens against US dollar in early trade on Monday
The Indian rupee weakened against the US dollar in early trade on Monday as investors focused on US midterm elections and a busy week of US economic data. Meanwhile, Friday’s RBI data showed India's forex reserves dropped by $1.269 billion to $719.748 billion during the week ended October 30. However, the falls were limited by a weaker dollar overseas, foreign fund inflows and a sharp correction in oil prices following renewed hopes of a diplomatic resolution between the United States and Iran. Foreign Institutional Investors turned net buyers and bought equities worth Rs 3,598.54 crore on a net basis on Friday, exchange data showed.
The partially convertible currency is currently trading at 94.88, weaker by 12 paise from its previous close of 94.76 on Friday. The currency touched a high and low of 94.97 and 94.70 respectively.
