Rupee weakens, hits all-time low of 90.75 against US dollar on Monday
The Indian rupee weakened and hit an all-time low of 90.75 against US dollar in early trade on Monday, weighed down by weak domestic indices amid uncertainty over an India-US trade deal and foreign fund outflows in the capital market. Foreign Institutional Investors sold equities worth Rs 1,114.22 crore on Friday, exchange data showed. The bulk of investors' attention this week will be on central bank meetings. The Bank of Japan is widely expected to raise rates by 25 basis points to 0.75%, while the Bank of England is seen delivering an equal-sized cut to 3.75%. Meanwhile, the European Central Bank is expected to keep the policy rate unchanged. Investors also awaiting key US data releases this week including the November jobs report and the monthly consumer price index, that could provide further clues on the Federal Reserve's policy path.
The partially convertible currency is currently trading at 90.66, weaker by 17 paise from its previous close of 90.49 on Friday. The currency touched a high and low of 90.75 and 90.51 respectively.
