Rupee weakens against US dollar in early trade on Monday
The partially convertible currency is currently trading at 94.23, weaker by 7 paise from its previous close of 94.16 on Friday
The Indian rupee weakened against the US dollar in early trade on Monday driven by persistent dollar demand, surging Brent crude oil prices, and heavy foreign fund outflows. Foreign Institutional Investors offloaded equities worth Rs 8,827.87 crore on Friday, exchange data showed. Rupee fell further ahead of the US Federal Reserve policy meeting, where rates are widely expected to remain unchanged, while investors are awaiting key domestic data releases, including industrial production and fiscal deficit figures, for further cues on India’s economic momentum. However, some falls were limited by reports that Iran has sent a peace proposal to the United States aimed at easing the ongoing Middle East conflict.
The partially convertible currency is currently trading at 94.23, weaker by 7 paise from its previous close of 94.16 on Friday. The currency touched a high and low of 94.2875 and 94.11 respectively.
