Rupee weakens against US dollar on Tuesday
The Indian rupee weakened against the US dollar on Tuesday as domestic equities came under selling pressure with caution ahead of a backlog of US economic releases delayed by the recent government shutdown. Traders also watching the progress on the proposed India-US trade deal as well as the domestic PMI data to be released later this week. Rupee pressure also came from investors’ worries about increasing import bills and widening trade deficit of the country. However, a weak American currency, lower crude oil prices and foreign fund inflows have failed to bolster the rupee. Foreign Institutional Investors bought equities worth Rs 442.17 crore, while Domestic Institutional Investors bought equities worth Rs 1,465.86 crore on Monday, exchange data showed.
The partially convertible currency is currently trading at 88.63, weaker by 4 paise from its previous close of 88.59 on Monday. The currency touched a high and low of 88.69 and 88.6150 respectively.
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