Rupee weakens marginally against US dollar in early trade on Monday
The Indian rupee weakened marginally against the US dollar in early trade on Monday, pressured by a spike in Brent crude prices following a US strike on Iran's Larak Island, while market expectations of a Federal Reserve rate hike as soon as next month following hawkish remarks from Fed Chair Kevin Warsh also denting rupee sentiments further. Moreover, weak domestic equities following foreign fund outflows also kept rupee under pressure. Foreign institutional investors (FIIs) offloaded equities worth Rs 5,039.80 crore on a net basis on Friday, exchange data showed. However, persistent foreign-currency inflows and RBI intervention are supporting the rupee and limiting its downside.
The partially convertible currency is currently trading at 95.44, weaker by 1 paisa from its previous close of 95.43 on Friday. The currency touched a high and low of 95.56 and 95.4050 respectively.
