Rupee weakens against US dollar on Tuesday
The Indian rupee weakened against the US dollar on Tuesday as month-end demand for the American currency from importers put pressure on the domestic currency. Moreover, rising crude oil prices also weighed on rupee sentiments. However, US President Donald Trump hinted at tariff flexibility for some countries ahead of the April 2 deadline, easing investor concerns over a potential trade war. Firm domestic equities and foreign fund inflows, have also limited further weakness in rupee. Foreign institutional investors purchased equities worth Rs 3,055.76 crore on a net basis on Monday, exchange data showed.
The partially convertible currency is currently trading at 85.73, weaker by 12 paise from its previous close of 85.61 on Monday. The currency touched a high and low of 85.84 and 85.5850 respectively.
