Rupee weakens against US dollar on Monday
The Indian rupee weakened against the US dollar on Monday tracking elevated crude oil prices and firm American currency overseas, while the Federal Reserve’s cautious stance also dampened rupee sentiments. Rupee fell further after RBI data said that India's forex reserves dropped $5.623 billion to $689.733 billion for the week ended October 31. Although, some falls were limited by firm domestic equities, foreign fund inflows and after reports that US senators strike a bipartisan deal to end a record 40-day government shutdown and resume federal funding. Foreign Institutional Investors bought equities worth Rs 4,581.34 crore on Friday, while Domestic Institutional Investors acquired the stocks worth Rs 6,674.77 crore, exchange data showed.
The partially convertible currency is currently trading at 88.67, weaker by 2 paise from its previous close of 88.65 on Friday. The currency touched a high and low of 88.70 and 88.64 respectively.
