Rupee weakens against US dollar on Tuesday
Indian rupee weakened against the US dollar on Tuesday amidst persistent foreign institutional outflows from the Indian capital markets, totalling a whopping $6.73 billion this month. Foreign Institutional Investors remained net sellers in the capital markets on Monday, as they offloaded shares worth Rs 4,336.54 crore, exchange data showed. However, some gains were limited as the American currency and crude oil prices retreated from their elevated levels, and after US President Donald Trump's new administration didn’t impose trade tariffs on his first day as widely expected.
The partially convertible currency is currently trading at 86.47, weaker by 2 paise from its previous close of 86.45 on Monday. The currency touched a high and low of 86.4725 and 86.2850 respectively.
