Rupee weakens against US dollar on Tuesday
Indian rupee weakened against the US dollar on Tuesday, weighed down by sustained foreign fund outflows and strength of the American currency in the overseas market. Foreign Institutional Investors (FIIs) were net sellers in the capital markets on Monday, as they offloaded shares worth Rs 3,731.59 crore, exchange data showed. While, rising India’s retail inflation also impacted the rupee movement. On the domestic macro-economic front, government data showed retail inflation accelerated to a 9-month high of 5.49 per cent in September, mainly due to soaring vegetable prices. However, lower crude oil price amid easing Middle East tensions limited some losses in rupee.
The partially convertible currency is currently trading at 84.07, weaker by 2 paise from its previous close of 84.05 on Monday. The currency touched a high and low of 84.0750 and 84.0550 respectively.
