Rupee weakens against US dollar on Tuesday
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Indian rupee weakened against the US dollar on Tuesday tracking firm American currency at overseas markets. Sentiments continue to remain dampened after data showed that the HSBC India Manufacturing PMI declining slightly to 57.5 in August and India's economic growth falling to a 15-month low of 6.7% for April-June quarter of 2024. Investors are now cautiously awaiting the US August payrolls report due on Friday to gauge the size of the Federal Reserve’s expected interest rate cut this month. However, downside was limited by easing crude oil prices, foreign fund inflows and intervention by the Reserve Bank of India. Foreign Institutional Investors were net buyers in the capital markets on Monday, as they purchased shares worth Rs 1,735.46 crore, exchange data showed.
The partially convertible currency is currently trading at 83.95, weaker by 4 paise from its previous close of 83.91 on Monday. The currency touched a high and low of 83.9575 and 83.9425 respectively.
