Rupee weakens against US dollar on Monday
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Indian rupee weakened against the US dollar on Monday, tracking subdued domestic equities and strength in American currency against major rivals overseas. Moreover, foreign funds outflows from the capital markets and surging crude oil prices also weighed on rupee sentiments. Foreign Institutional Investors were net sellers in the capital market as they offloaded shares worth Rs 1,326.74 crore on Friday, exchange data showed. Meanwhile, the RBI said India's foreign exchange reserves declined $867 million to $593.037 billion in the week ended September 15. However, some losses were capped by JP Morgan's announcement that it will include Indian government securities in its global bond index starting June 2024, that could lead to about $25-30 billion of inflows into the Indian debt market.
The partially convertible currency is currently trading at 83.10, weaker by 16 paise from its previous close of 82.94 on Friday. The currency touched a high and low of 83.15 and 83.0425 respectively.
