Rupee weakens against US dollar on Monday
Follow us Now on Telegram ! Get daily 10 - 12 important updates on Business, Finance and Investment. Join our Telegram Channel
Indian rupee weakened against the US dollar on Monday, tracking a negative trend in domestic equities and stronger American currency overseas after US President-elect Donald Trump threatened a 100% tariff on the BRIC bloc of nations if they act to undermine the US dollar. Moreover, slowing GDP growth numbers and unabated foreign portfolio outflows from the capital market have also added further strain on the domestic currency. Foreign Institutional Investors were net sellers in the capital markets on Friday, as they offloaded shares worth Rs 4,383.55 crore, exchange data showed. However, routine interventions by the Reserve Bank of India (RBI) curbed further losses in rupee, with state-run banks reportedly selling dollars.
The partially convertible currency is currently trading at 84.67, weaker by 7 paise from its previous close of 84.60 on Friday. The currency touched a high and low of 84.6775 and 84.5850 respectively.
