Rupee weakens against US dollar on Tuesday
Indian rupee weakened against the US dollar on Tuesday tracking sluggish domestic equities on cautious trading as counting for Lok Sabha polls goes underway. Early vote counting trends suggested Prime Minister Narendra Modi’s Bharatiya Janata Party (BJP) is unlikely to win a decisive majority. However, Weakness in American currency overseas and foreign fund inflows have limited further falls in rupee sentiments. Foreign investors were net buyers of Indian equities on Monday as they purchased shares worth Rs 6,850.76 crore on a net basis, exchange data showed.
The partially convertible currency is currently trading at 83.50, weaker by 36 paise from its previous close of 83.14 on Monday. The currency touched a high and low of 83.5025 and 83.23 respectively.
