Rupee weakens against US dollar on Tuesday
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Indian rupee weakened against the US dollar on Tuesday amid strength of the American currency at overseas market after markets bet that inflationary policies under Donald Trump will keep interest rates high in the long term, while investors are awaiting key US inflation reading later in the week for directional cues. Moreover, persistent foreign fund outflows also weighed on domestic currency. Foreign Institutional Investors were net sellers in the capital markets on Monday, as they offloaded shares worth Rs 2,306.88 crore, exchange data showed. Although, likely intervention by the Reserve Bank of India (RBI), the country’s central bank, helped avoid sharp losses.
The partially convertible currency is currently trading at 84.40, weaker by 2 paise from its previous close of 84.38 on Monday. The currency touched a high and low of 84.4050 and 84.39 respectively.
