Rupee weakens against US dollar on Tuesday
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Indian rupee weakened against the US dollar on Tuesday tracking a strong American currency against major overseas rivals and subdued equity market sentiment amid geopolitical fears as Yemen's Houthis struck a US ship in the Red Sea in response to air strikes on their targets. Meanwhile, the Wholesale price index-based inflation of India rose to 0.73% in December. India’s retail inflation also moved up to a 4-month high of 5.69% in December, while industrial production declined to an eight-month low of 2.4% in November. Market participants overlooked inflows of foreign funds. Foreign institutional investors (FIIs) bought shares worth Rs 1,085.72 crore after consistent selling in previous four consecutive sessions on January 15, provisional data from the NSE showed.
The partially convertible currency is currently trading at 83.01, weaker by 15 paise from its previous close of 82.86 on Monday. The currency touched a high and low of 83.0275 and 82.9450 respectively.
