2023-10-23 11:40:21 am | Source: Accord Fintech
Rupee weakens against US dollar on Monday
Indian rupee weakened against the US dollar on Monday due to firm American currency and sustained rise in US Treasury yields overseas. Moreover, concerns over ongoing Israel-Hamas conflict, potential interest rate hikes in the United States and foreign fund outflows also weighed on rupee sentiments. However, correction in crude oil prices capped further losses in rupee. On the global front, the Japanese yen weakened beyond 150 against the US dollar again as the wide yield gap between Japan and the Unites States continues to weigh on this year’s worst-performing major currency.
The partially convertible currency is currently trading at 83.15, weaker by 3 paise from its previous close of 83.12 on Friday. The currency touched a high and low of 83.16 and 83.0975 respectively.
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