Rupee weakens against US dollar on Tuesday
The Indian rupee weakened against the US dollar on Tuesday tracking weak domestic equities after the US issued a draft notice detailing plans to impose an additional 25% tariff on Indian products. Meanwhile, foreign fund outflows and strong dollar demand from importers have also added more pressure on Indian currency. Foreign Institutional Investors offloaded equities worth Rs 2,466.24 crore on Monday, exchange data showed. However, some falls were capped by a softer dollar index after US President Donald Trump dismissed Federal Reserve Governor Lisa Cook over alleged mortgage fraud, a move that has heightened concerns over the Federal Reserve’s independence.
The partially convertible currency is currently trading at 87.72, weaker by 16 paise from its previous close of 87.56 on Monday. The currency touched a high and low of 87.8050 and 87.69 respectively.
