Rupee weakens against US dollar on Monday
The Indian rupee weakened against the US dollar on Monday on account of muted domestic equity markets following foreign fund outflows. Foreign institutional investors offloaded equities worth Rs 760.11 crore on a net basis on Friday, exchange data showed. Rupee weakened further by trade deal concerns globally. The United States is close to finalizing several trade pacts in coming days and will notify other countries of higher tariff rates by July 9, and President Donald Trump said the higher rates set to take effect on August 1. However, a weaker American currency, lower global crude oil prices and the rise in the country's forex reserves prevented further losses in the rupee. India's forex reserves were up $4.84 billion to $702.78 billion for the week ended June 27, the Reserve Bank of India said on Friday.
The partially convertible currency is currently trading at 85.77, weaker by 37 paise from its previous close of 85.40 on Friday. The currency touched a high and low of 85.7750 and 85.51 respectively.
