Rupee weakens against US dollar in early trade on Monday
The partially convertible currency is currently trading at 94.93, weaker by 9 paise from its previous close of 94.84 on Thursday
The Indian rupee weakened against the US dollar in early trade on Monday as geopolitical tensions in West Asia and foreign fund outflows continued to pressure the currency. Foreign Institutional Investors offloaded equities worth Rs 8,047.86 crore on Thursday, exchange data showed. Meanwhile, market participants were awaiting the election results in five states and one Union Territory in India. However, some falls were limited by a decline in crude oil prices after US President Donald Trump announced 'Project Freedom', a naval initiative to escort and free up commercial vessels stranded in the Strait of Hormuz.
The partially convertible currency is currently trading at 94.93, weaker by 9 paise from its previous close of 94.84 on Thursday. The currency touched a high and low of 94.95 and 94.80 respectively.
