Rupee weakens marginally against US dollar on Tuesday
Indian rupee weakened marginally against the US dollar on Tuesday dragged down by concerns over sustained outflow of foreign funds and as HMPV virus cases rising across the world. Foreign institutional investors offloaded Rs 2,575.06 crore in the capital markets on a net basis on Monday, exchange data showed. Meanwhile, the US dollar pared losses after US President-elect Donald Trump denied a Washington Post report that Trump’s aides were exploring tariffs that only cover critical imports. Investors are cautiously awaiting the minutes of the US Federal Reserve's December policy meeting due on Wednesday followed by the US non-farm payrolls report due on Friday. However, firm domestic equity markets and receding crude oil prices overseas have limited further falls in rupee.
The partially convertible currency is currently trading at 85.69, weaker by 1 paise from its previous close of 85.68 on Monday. The currency touched a high and low of 85.80 and 85.6525 respectively.
