Rupee weakens against US dollar on Monday
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Indian rupee weakened against US dollar on Monday tracking selloff in US and Asian equities, while a disappointing US jobs report and recession worries also fuelled worries of foreign fund outflows from India and other emerging markets. Foreign Institutional Investors were net sellers in the capital markets on Friday as they offloaded shares worth Rs 3,310.00 crore, exchange data showed. Rupee fell further due to escalating situation in the Middle East following the assassination of Hamas leader Ismail Haniyeh in Tehran allegedly by Israel. Meanwhile, the upcoming US elections in November are likely to keep investors on edge.
The partially convertible currency is currently trading at 83.83, weaker by 11 paise from its previous close of 83.72 on Friday. The currency touched a high and low of 83.83 and 83.76 respectively.
