Rupee weakens against US dollar on Monday
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Indian rupee weakened against the US dollar on Monday amid easing crude oil prices and firm American currency at overseas markets, meanwhile latest US inflation data indicated that the US Federal Reserve will not opt for a larger rate cut at this month’s meeting. However, firm domestic equity market, foreign fund inflows and anticipation of active intervention by the Reserve Bank of India have capped the rupee's fall. Foreign Institutional Investors were net buyers in the capital markets on Friday, as they purchased shares worth Rs 5,318.14 crore, exchange data showed. Investors are awaiting the crucial US jobs report at the end of this week.
The partially convertible currency is currently trading at 83.88, weaker by 3 paise from its previous close of 83.85 on Friday. The currency touched a high and low of 83.90 and 83.8525 respectively.
