Rupee weakens against US dollar on Monday
The Indian rupee weakened slightly against the US dollar on Monday tracking firm American currency in the overseas market, and ahead of a slew of speeches from Federal Reserve officials throughout the week that could provide further clues on the US interest rate outlook after the Federal Reserve resumed its easing cycle last week. Sentiments also weakened on weak domestic equities amid worries over the new H-1B visa fees hike by the US President Donald Trump, which is likely to impact the Indian IT companies. However, fall was limited as exchange data showed that Foreign Institutional Investors bought equities worth Rs 390.74 crore on a net basis on Friday. Besides, India's forex reserves jumped $4.698 billion to $702.966 billion for the week ended September 12.
The partially convertible currency is currently trading at 88.17, weaker by 1 paise from its previous close of 88.16 on Friday. The currency touched a high and low of 88.23 and 88.14 respectively.
