Rupee weakens against US dollar on Tuesday
Indian rupee weakened against the US dollar on Tuesday, tracking weak domestic equities, a strong American currency and sustained foreign fund outflows. Foreign Institutional Investors were net sellers in the capital markets on Monday as they offloaded shares worth Rs 3,268.00 crore, exchange data showed. Meanwhile, India’s wholesale inflation rose marginally to a three-month high of 0.53% in March compared to 0.2% in the preceding month. Moreover, elevated crude oil prices and heightened tensions in the Middle East have also dampened rupee sentiments. Israel's military chief said it would respond to Iran's weekend missile and drone attack.
The partially convertible currency is currently trading at 83.48, weaker by 4 paise from its previous close of 83.44 on Monday. The currency touched a high and low of 83.5375 and 83.4850 respectively.
