Rupee weakens against US dollar on Monday
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Indian rupee weakened against the US dollar on Monday tracking sluggish domestic equities, elevated crude oil prices, and dollar demand from importers and foreign banks, while RBI data showed India's forex reserves dropped by $3.235 billion to $654.857 billion for the week ended December 6. However, some weakness were limited by foreign fund inflows into Indian capital markets and weak American currency overseas. Foreign Institutional Investors purchased Rs 2,335.32 crore in the capital markets on net basis on Friday, exchange data showed.
The partially convertible currency is currently trading at 84.82, weaker by 2 paise from its previous close of 84.80 on Friday. The currency touched a high and low of 84.8350 and 84.80 respectively.
