Rupee weakens against US dollar on Monday
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Indian rupee weakened against the US dollar in early trade on Monday tracking rising crude oil prices and foreign fun outflows in the capital market. Foreign Institutional Investors were net sellers in the capital markets on Friday, as they offloaded shares worth Rs 23.09 crore, exchange data showed. However, some losses were limited by firm domestic equities and softening American currency after data showed inflation subsided, that reinforced expectations of Federal Reserve interest rate cut this year. India's forex reserves rose by $816 million to $653.711 billion in the week ended June 21, RBI said.
The partially convertible currency is currently trading at 83.42, weaker by 8 paise from its previous close of 83.34 on Friday. The currency touched a high and low of 83.47 and 83.3925 respectively.
