Rupee weakens against US dollar on Monday
Indian rupee weakened against the US dollar in early trade on Monday, tracking the strength of the American currency at overseas market after the attempted assassination of presidential candidate Donald Trump reinforced bets that his chances of winning the election have increased. Moreover, firm trend in domestic equities, hopes of rate cut by Federal Reserve and foreign fund inflows have restricted the fall. Foreign Institutional Investors were net buyers in the capital markets on Friday, as they purchased shares worth Rs 4,021.60 crore, exchange data showed. India's forex reserves jumped $5.158 billion to $657.155 billion during the week ended July 5, the RBI said on Friday.
The partially convertible currency is currently trading at 83.54, weaker by 3 paise from its previous close of 83.51 on Friday. The currency touched a high and low of 83.55 and 83.5350 respectively.
