Rupee weakness against US dollar on Tuesday
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Indian rupee weakened against the US dollar on Tuesday amid volatility in crude oil prices at overseas market. Meanwhile, the RBI Monetary Policy Committee is scheduled to meet from today to February 08 and is likely to keep the repo rate unchanged for the sixth consecutive time at 6.5% on Thursday. However, firm domestic equities and sustained foreign fund inflows, limited further weakness in rupee. Foreign Institutional Investors were net buyers in the capital markets on Monday as they purchased shares worth Rs 518.88 crore, exchange data showed. Further, India’s services sector growth scaled a six-month high in January driven by higher demand and sales, a private survey showed on Monday. The HSBC India Services Purchasing Managers’ Index - compiled by S&P - rose to 61.8 in January, up from 59 in December and from 56.9 in November.
The partially convertible currency is currently trading at 83.05, weaker by 2 paise from its previous close of 83.03 on Monday. The currency touched a high and low of 83.0675 and 83.03 respectively.
