Rupee weakens against US dollar on Tuesday
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Indian rupee weakened against the US dollar on Tuesday tracking foreign fund outflows from capital markets and volatility in crude oil prices. Foreign institutional investors were net sellers in the equity market on Friday as they offloaded shares worth Rs 2,828.94 crore, exchange data showed. Although, firm domestic equities and a weaker American currency overseas have limited further weakness in the rupee. Weakness in the latest US data also reinforced expectations of early monetary easing by the US Federal Reserve next year. The Reserve Bank of India’s data released on Friday showed that India's forex reserves increased by $9.112 billion to $615.971 billion in the week ended December 15. Forex markets were closed on Monday on account of Christmas.
The partially convertible currency is currently trading at 83.18, weaker by 2 paise from its previous close of 83.16 on Friday. The currency touched a high and low of 83.19 and 83.10 respectively
