Rupee weakens against US dollar on Monday
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Indian rupee weakened against the US dollar on Monday driven by a strong American currency in the overseas market and continued foreign fund outflows. Foreign institutional investors were net sellers in the capital market on Friday as they offloaded stocks worth Rs 2391.98 crore, exchange data showed. Further, rising crude oil prices also dampened rupee sentiments. Besides, India's forex reserves dropped $2.412 billion to $637.922 billion as on April 26, in the third consecutive weekly decline in the reserves, the RBI said. Meanwhile, softer-than-expected US jobs report raised expectations that the Federal Reserve may cut rates twice in 2024.
The partially convertible currency is currently trading at 83.47, weaker by 2 paise from its previous close of 83.45 on Friday. The currency touched a high and low of 83.47 and 83.42 respectively.
