Rupee weakens against US dollar on Tuesday
The Indian rupee weakened against the US dollar on Tuesday, tracking weak domestic equities and persistent foreign fund outflows. Foreign Institutional Investors sold equities worth Rs 240.10 crore on Monday, exchange data showed. However, weakness in American currency, optimism surrounding the India-US trade talks and potential RBI intervention have limited further falls in the domestic currency. As per a report, a team of Indian officials will visit the United States again this week to take forward the discussions on a trade agreement (BTA) which both sides aim to conclude by November-end,.
The partially convertible currency is currently trading at 88.79, weaker by 11 paise from its previous close of 88.68 on Monday. The currency touched a high and low of 88.7925 and 88.73 respectively.
