Rupee weakens against US dollar in early trade on Tuesday
The Indian rupee weakened against the US dollar in early trade on Tuesday, despite Monday’s sharp fall in crude oil prices and continued foreign fund inflows into domestic equities. Foreign Institutional Investors (FIIs) remained net buyers for the second consecutive day on Monday and bought equities worth Rs 3,114.68 crore on a net basis, exchange data showed. Investors remained cautious ahead of today’s midterm election in the United States, while also awaiting the closely watched US jobs report due later this week for fresh insight into labour market conditions and Federal Reserve monetary policy.
The partially convertible currency is currently trading at 94.86, weaker by 2 paise from its previous close of 94.84 on Monday. The currency touched a high and low of 94.8725 and 94.6075 respectively.
