Rupee weakens against US dollar on Monday
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Indian rupee weakened against the US dollar on Monday, tracking firm American currency and rising crude oil prices at overseas markets. Rupee sentiments fell further as a robust US jobs report and comments by US Federal Reserve Chair Jerome Powell dimmed the possibility of an interest rate cut in March. Meanwhile, investors are closely watching on the Reserve Bank's monetary policy decision to be announced later this week. However, firm domestic equity markets and foreign fund inflows limited further weakness in rupee. Foreign Institutional Investors were net buyers in the capital markets on Friday as they purchased shares worth Rs 70.69 crore, exchange data showed. India's forex reserves increased $591 million to $616.733 billion for the week ended January 26, RBI said on Friday.
The partially convertible currency is currently trading at 83.02, weaker by 4 paise from its previous close of 82.98 on Friday. The currency touched a high and low of 83.0450 and 83.0050 respectively.
