Rupee weakens against US dollar on Monday
Indian rupee weakened against US dollar on Monday ahead of US inflation print due on Wednesday, which will influence expectations on interest rate cuts by the Federal Reserve. Additionally, India's Wholesale Price Index inflation, due on August 14, which is expected to come in at 2.39% lower than the previous 3.36%. However, some falls were limited by interventions from the Reserve Bank of India, firm domestic equities and foreign fund inflows into capital market. Foreign institutional investors (FII) bought shares net worth Rs 406.72 crore, exchange data showed.
The partially convertible currency is currently trading at 83.96, weaker by 1 paise from its previous close of 83.95 on Friday. The currency touched a high and low of 83.97 and 83.95 respectively.
