Rupee weakens against US dollar on Tuesday
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Indian Rupee weakened against the US dollar on Tuesday amidst elevated crude oil prices, while investors are cautiously awaiting more cues on the US interest rates due this week. The minutes of the Fed’s June meeting are due on Wednesday, Key US nonfarm payrolls data for June is due on Friday, and Fed Chair Jerome Powell is set to speak at a European Central Bank conference on Tuesday. Moreover, dollar demand from oil importers and foreign portfolio investors and foreign fund outflows have also dragged down rupee. Foreign Institutional Investors were net sellers in the capital markets on Monday, as they offloaded shares worth Rs 426.03 crore, according to exchange data.
The partially convertible currency is currently trading at 83.51, weaker by 7 paise from its previous close of 83.44 on Monday. The currency touched a high and low of 83.5675 and 83.5025 respectively.
