Rupee weakens marginally against US dollar on Tuesday
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Indian rupee weakened marginally and hit a new lifetime low against the US dollar on Tuesday, tracking sluggish domestic equities, foreign fund outflows and dollar demand from importers and foreign banks. Foreign Institutional Investors offloaded Rs 278.70 crore in the capital markets on net basis on Monday, exchange data showed. Rupee fell further after data showed India's exports in November contracted by 4.85% year-on-year to $32.11 billion, while the trade deficit widened to an all-time high of $37.84 billion due to a record surge in gold imports. Meanwhile, investors are eagerly awaiting a slew of central bank decisions across the globe, including Wednesday's FOMC meeting outcome.
The partially convertible currency is currently trading at 84.92, weaker by 1 paise from its previous close of 84.91 on Monday. The currency touched a high and low of 84.9250 and 84.8850 respectively.
