Rupee weakens against US dollar on Tuesday
Indian rupee weakened marginally against the US dollar on Tuesday as a stronger American currency and elevated crude oil prices dented sentiments. India’s inflation declined to a three-month low of 5.1% in January, while industrial production growth slowed to 3.8% in December 2023. Meanwhile, investors are cautiously awaiting US inflation data that could hint at the date of the first Fed interest-rate cut this year. However, Foreign Institutional Investors were net buyers in the capital markets on Monday as they purchased shares worth Rs 126.60 crore, exchange data showed.
The partially convertible currency is currently trading at 83.01, weaker by 1 paise from its previous close of 83.00 on Monday. The currency touched a high and low of 83.0275 and 82.9875 respectively.
