Rupee weakens against US dollar on Monday
The Indian rupee weakened against the US dollar on Monday due to persisting uncertainties over US President Donald Trump's tariff policies and their impact on global economic growth, while foreign fund outflows also weighed on rupee sentiments. Foreign Institutional Investors offloaded equities worth Rs 8,312.66 crore on Friday, exchange data showed. The RBI said the country's forex reserves dropped $4.386 billion to $690.72 billion during the week ended August 22. However, the dollar's weakness, expectations of a US Fed rate cut in September, and strong GDP data have limited further falls in rupee. Data released on Friday showed that India's economy grew by a stronger-than-expected 7.8% in April-June, its fastest pace in five quarters.
The partially convertible currency is currently trading at 88.26, weaker by 17 paise from its previous close of 88.09 on Friday. The currency touched a high and low of 88.2850 and 88.18 respectively.
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