Rupee weakens marginally against US dollar on Monday
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Indian Rupee weakened marginally against the US dollar on Monday, tracking sluggish domestic equities and foreign fund outflows. Foreign Institutional Investors were net sellers in the capital markets on Friday as they offloaded shares worth Rs 2,117.50 crore, exchange data showed. Moreover, hawkish comments from the US Federal Reserve also weighed on rupee sentiments. However, India’s forex reserves increased by $3.668 billion to $641.59 billion in the week ended May 3, the RBI said on Friday. However, muted American currency restricted fall in the rupee.
The partially convertible currency is currently trading at 83.52, weaker by 1 paisa from its previous close of 83.51 on Friday. The currency touched a high and low of 83.5275 and 83.51 respectively.
