Rupee weakens marginally against US dollar on Monday
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Indian rupee weakened marginally against the US dollar on Monday, tracking foreign fund outflows in the capital market. Foreign Institutional Investors were net sellers in the capital markets on Friday as they sold shares worth Rs 12.43 crore, exchange data showed. However, some losses were limited by firm domestic equities after reports of slower-than-expected US job growth in October cemented hopes that the US Federal Reserve is done with raising interest rates. Meanwhile, India’s foreign exchange reserves rose $2.579 billion to $586.111 billion in the week ended October 27, the RBI said.
The partially convertible currency is currently trading at 83.21,s weaker by 1 paise from its previous close of 83.20 on Friday. The currency touched a high and low of 83.2150 and 83.15 respectively.
