Rupee weakens against US dollar in early trade on Tuesday
The Indian rupee weakened against the US dollar in early trade on Tuesday, as a surge in US Treasury yields, weakness in Asian peers, and uncertainty surrounding the conflict in the Middle East weighed on investor sentiment. However, US President Donald Trump’s decision to pause a proposed military strike on Iran and his claim there was a good chance of a nuclear deal sent oil prices lower and limited further weakness in the rupee. Meanwhile, Foreign institutional investors (FII) bought shares worth Rs 2,813.69 crore on Monday while domestic institutional investors bought stocks worth Rs 2,682.12 crore, exchange data showed.
The partially convertible currency is currently trading at 96.34, weaker by 14 paise from its previous close of 96.20 on Monday. The currency touched a high and low of 96.3850 and 96.2750 respectively.
