Rupee weakens against US dollar on Monday
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Indian rupee weakened against the US dollar on Monday amid a strong American currency overseas and withdrawal of foreign funds from domestic equity markets. Traders were concerned with report that foreign investors pulled out domestic equities worth Rs 6,300 crore in April, (till April 26) on concerns over tweaks in India's tax treaty with Mauritius and sustained rise in US bond yields. Data with the depositories showed this came following a whopping net investment of Rs 35,098 crore in March and Rs 1,539 crore in February.
The partially convertible currency is currently trading at 83.43, weaker by 5 paise from its previous close of 83.38 on Friday. The currency touched a high and low of 83.44 and 83.39 respectively.
