Rupee weakens against US dollar on Monday
Indian rupee weakened against the US dollar on Monday as the American currency strengthened against its major peers overseas and subdued domestic equities following uncertainties over US President Donald Trump's trade policies. US President Donald Trump had threatened to apply 25% tariffs on Colombia after the plane carrying migrants was returned by the country. Meanwhile, the US had paused sanctions and tariffs on Colombia after the South American nation agreed to accept deported migrants from the United States, the White House press secretary said in a statement late on Sunday. Moreover, market participants will be eyeing the Federal Reserve policy decision, due Wednesday. Sustained foreign fund outflows also adding pressure on rupee sentiments. Foreign Institutional Investors offloaded Rs 2,758.49 crore in the capital markets on net basis on Friday, exchange data showed. India's forex reserves dropped by $1.88 billion to $623.983 billion in the week ended January 17, the Reserve Bank of India said on Friday.
The partially convertible currency is currently trading at 86.39, weaker by 17 paise from its previous close of 86.22 on Friday. The currency touched a high and low of 86.44 and 86.3475 respectively.
