Rupee weakens against US dollar on Monday
The Indian rupee weakened against the US dollar on Monday, tracking continuous outflow of foreign capital amid uncertainties over global trade. Foreign institutional investors sold equities worth Rs 6,769.34 crore on Friday, exchange data showed. Moreover, rise in fiscal deficit and drop in forex reserves also dampened sentiments. The Controller General of Accounts (CGA) data showed India’s fiscal deficit stood at 36.5% of the full-year target at the end of the first half of FY26, a significant increase from the 29.4% recorded during the same period last year. The RBI data showed the country's forex reserves dropped by $6.925 billion to $695.355 billion during the week ended October 24. Besides, higher crude oil prices following reports the US intends to strike Venezuelan military installations, also weighed on domestic unit. However, some falls were limited by weakness in American currency overseas.
The partially convertible currency is currently trading at 88.79, weaker by 9 paise from its previous close of 88.70 on Friday. The currency touched a high and low of 88.8025 and 88.73 respectively.
