Rupee weakens against US dollar on Tuesday
The Indian rupee weakened against the US dollar on Tuesday, tracking strengthening American currency, sustained foreign fund outflows and weak domestic equities. Foreign institutional investors offloaded equities worth Rs 3,937.83 crore in the capital markets on a net basis on Monday, exchange data showed. Rupee further weekend on higher crude oil prices following a drone attack on oil pipeline pumping station in Russia that reduced flows from Kazakhstan to the global markets. While, anticipations that Federal reserve will keep policy rates on pause and concerns over the worldwide tariff war also weighed on domestic currency.
The partially convertible currency is currently trading at 86.97, weaker by 9 paise from its previous close of 86.88 on Monday. The currency touched a high and low of 86.9725 and 86.9175 respectively.
