Rupee weakens against US dollar on Tuesday
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Indian rupee weakened against the US dollar on Tuesday amid the strength of the American currency at overseas market, despite expectations of interest rate reductions from the US Federal Reserve. Moreover, negative trend in domestic equities, dollar demand from importers, and foreign fund outflows have also dampened rupee sentiments. Foreign Institutional Investors were net sellers in the capital markets on Monday as they offloaded shares worth Rs 855.80 crore, exchange data showed.
The partially convertible currency is currently trading at 83.32, weaker by 11 paise from its previous close of 83.21 on Monday. The currency touched a high and low of 83.3325 and 83.28 respectively.
