Rupee weakens against US dollar on Monday
The Indian rupee weakened against the US dollar on Monday due to growing uncertainty over the India-US interim trade deal as the August 1 deadline for potential tariffs approaches. US Commerce Secretary Howard Lutnick said August 1 is the hard deadline for countries to start paying tariffs, although he also added that nothing stops countries from talking to the United States after August 1. Moreover, slight uptick in crude oil prices also dampened rupee sentiments. However, some weaknesses were limited by firm domestic equities and foreign fund inflows into the Indian capital market. Foreign institutional investors bought equities worth Rs 374.74 crore on a net basis on Friday, exchange data showed.
The partially convertible currency is currently trading at 86.28, weaker by 12 paise from its previous close of 86.16 on Friday. The currency touched a high and low of 86.36 and 86.2575 respectively.
