Rupee weakens marginally against US dollar on Monday
Indian rupee weakened marginally against the US dollar on Monday as dollar demand from importers and strength of the American currency in the overseas market have kept rupee under pressure. But, ease in crude oil prices and pickup in foreign fund inflows have limited further weakness in rupee. Foreign Institutional Investors were net buyers in the capital markets on Friday as they purchased shares worth Rs 1,459.12 crore, exchange data showed. The forex reserves continued to hike for the third consecutive week, adding $4.471 billion more in the week ending December 22, taking the total to $620.441 billion, according to data released by RBI. Meanwhile, the first interest rate cut by the Federal Reserve is expected to be delivered as soon as March.
The partially convertible currency is currently trading at 83.18, weaker by 2 paise from its previous close of 83.16 on Friday. The currency touched a high and low of 83.19 and 83.15 respectively.
