Rupee weakens against US dollar on Tuesday
Indian rupee weakened against the US dollar on Tuesday, driven by stronger American currency and unabated foreign portfolio outflows from the Indian capital market. Foreign Institutional Investors were net sellers in the capital markets on Monday, as they offloaded shares worth Rs 238.28 crore, exchange data showed. Besides, weaker domestic macroeconomic indicators, geopolitical tensions, and US President-elect Donald Trump's threat of 100% tariff on Brics nations have also added pressure on domestic unit. Moreover, market participants are awaiting cues from the upcoming RBI monetary policy on December 6. Meanwhile, investors are also awaiting upcoming US economic data due this week, including private and non-farm payroll reports, JOLTs, and readings on manufacturing activity for further cues on US rate cuts.
The partially convertible currency is currently trading at 84.75, weaker by 3 paise from its previous close of 84.72 on Monday. The currency touched a high and low of 84.76 and 84.72 respectively.
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