Rupee weakens against US dollar on Monday
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Indian rupee weakened against the US dollar on Monday, tracking weak domestic equites and renewed concerns over geopolitical tensions in the Middle East. Meanwhile, foreign fund outflows and doubt over interest rate cut by the US Federal Reserve have also dampened rupee sentiments. Foreign Institutional Investors were net sellers in the capital markets on Friday as they sold shares worth Rs 8,027 crore, exchange data showed. However, some falls were limited by weak American currency at overseas markets. India's forex reserves rose by $2.98 billion to a fresh peak of $648.562 billion for the week ended April 5, the RBI said.
The partially convertible currency is currently trading at 83.44, weaker by 6 paise from its previous close of 83.38 on Friday. The currency touched a high and low of 83.47 and 83.4250 respectively.
