Rupee weakens against US dollar on Monday
Indian rupee weakened against US dollar on Monday, tracking strengthening American currency, higher crude oil prices and fear of delayed interest rate cuts by the US Federal Reserve in 2025, while unabated outflow of foreign funds has also putting pressure on rupee. Foreign Institutional Investors were net sellers in the capital markets on Friday, as they offloaded shares worth Rs 3,597.82 crore, exchange data showed. The latest RBI data showed India's forex reserves dropped by $1.988 billion to $652.869 billion for the week ended December 13. Although firm domestic equities cushioned the local currency at lower level.
The partially convertible currency is currently trading at 85.07, weaker by 3 paise from its previous close of 85.04 on Friday. The currency touched a high and low of 85.0775 and 85.02 respectively.
