Rupee weakens against US dollar on Monday
The Indian rupee weakened against the US dollar on Monday, pressured by weakness in the domestic equities and increase in crude oil prices after US President Donald Trump backtracked on his threats to impose 100 per cent additional tariffs on China. However, foreign fund inflows and weaker dollar following a softer US-China trade war, have limited further fall in rupee. Foreign Institutional Investors bought equities worth Rs 459.20 crore on Friday, exchange data showed. India's forex reserves dropped by $276 million to $699.96 billion during the week ended October 3, the RBI data showed.
The partially convertible currency is currently trading at 88.78, weaker by 6 paise from its previous close of 88.72 on Friday. The currency touched a high and low of 88.78 and 88.71 respectively.
