Rupee weakens against US dollar on Tuesday
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Indian rupee weakened against the US dollar on Tuesday amid dollar demand from importers and foreign fund outflows. Foreign Institutional Investors were net sellers in the capital markets on Saturday as they offloaded shares worth Rs 545.58 crore, exchange data showed. Moreover, investors are cautious ahead of a slew of major central bank meetings including the Bank of Japan and the European Central Bank. Rupee weakened further on diminishing odds that the US Federal Reserve will slash rates this quarter. Although, India's forex reserves jumped $1.634 billion to $618.937 billion for the week ended January 12, the latest RBI data showed. Markets were closed yesterday owing to the Ram temple ceremony in Ayodhya.
The partially convertible currency is currently trading at 83.09, weaker by 2 paise from its previous close of 83.07 on Friday. The currency touched a high and low of 83.1425 and 83.0875 respectively.
