Rupee weakens against US dollar on Tuesday
The Indian rupee weakened against the US dollar on Tuesday, pressured by month-end dollar demand from importers, while investors are keeping a watch on the US Federal Reserve’s policy decision on Wednesday for further cues. Moreover, weak domestic equities, foreign funds outflows and mild intervention by the Reserve Bank of India also dampened rupee sentiments. Foreign Institutional Investors sold equities worth Rs 55.58 crore on Monday, exchange data showed. However, softer US dollar and upbeat US-China trade developments have limited further falls in domestic currency.
The partially convertible currency is currently trading at 88.27, weaker by 8 paise from its previous close of 88.19 on Monday. The currency touched a high and low of 88.40 and 88.2550 respectively.
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