Rupee weakens against US dollar on Tuesday
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Indian rupee weakened against US dollar on Tuesday amid outflow of foreign funds from the domestic capital markets. Foreign institutional investors (FIIs) were net sellers in the equity market on Monday as they sold shares worth Rs 33.51 crore, exchange data showed. Rupee sentiments weakened further after top US central bank officials subsequently pushed back on investor hopes that interest rate cuts by the Fed are imminent. Meanwhile, investors are cautiously awaiting the release of US inflation report later this week for more cues on the Fed's rate path.
The partially convertible currency is currently trading at 83.18, weaker by 8 paise from its previous close of 83.10 on Monday. The currency touched a high and low of 83.2075 and 83.0975 respectively.
