Rupee weakens against US dollar on Monday
Indian rupee weakened and hit a record low of 87.95 against the US dollar in early trade on Monday amid the strength of the American currency in the overseas market. Rupee sentiments fell further by tracking subdued domestic equities following US President Donald Trump's decision to impose fresh tariffs on all steel and aluminum imports into the US in addition to further reciprocal tariffs, which raised concerns over the global trade war and limited the scope for US interest rate cuts. FIIs offloaded equities worth Rs 470.39 crore in the capital markets on a net basis on Friday, exchange data showed.
The partially convertible currency is currently trading at 87.56, weaker by 6 paise from its previous close of 87.50 on Friday. The currency touched a high and low of 87.9525 and 87.4450 respectively.
