Rupee weakens against US dollar on Monday
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Indian rupee weakened against the US dollar on Monday tracked by weak domestic equities and foreign fund outflows from the Indian capital markets with caution ahead of the US and domestic inflation readings this week. Foreign Institutional Investors offloaded Rs 1,830.31 crore in the capital markets on net basis on Friday, exchange data showed. Further, firm American currency against its major peers overseas and rising tensions in the Middle East following the overthrow of Syrian President Bashar al-Assad by rebels have also adding pressure on rupee sentiments. Moreover, dollar demand from importers and foreign banks also weighed on rupee.
The partially convertible currency is currently trading at 84.73, weaker by 7 paise from its previous close of 84.66 on Friday. The currency touched a high and low of 84.74 and 84.68 respectively.
