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Indian rupee weakened against the US dollar on Tuesday, driven by elevated crude oil prices followed by increased geopolitical tensions in the Middle East. However, some losses were limited by optimism for imminent US interest rate cuts and foreign fund inflows into Indian capital markets. Foreign Institutional Investors were net buyers in the capital markets on Monday as they purchased shares worth Rs 483.36 crore, exchange data showed. India’s weightage in the MSCI Global Standard Index is set to increase, potentially attracting nearly $3 billion into the Indian market by the end of the month. 

The partially convertible currency is currently trading at 83.94, weaker by 7 paise from its previous close of 83.87 on Monday. The currency touched a high and low of 83.95 and 83.9150 respectively.