Indian rupee weakened against the US dollar on Monday as weak domestic equities and foreign fund outflows weighed on investor sentiment. Further, strengthening American currency against its rivals overseas and concerns over surging Covid-19 cases globally have also weighed on domestic currency. Foreign institutional investors were net sellers as they offloaded shares worth Rs 466.30 crore in the capital market on Friday, exchange data showed. On the global front, the US dollar held near its highest levels in months as the rapid spread of the Delta coronavirus variant made investors nervous about the global recovery.
The partially convertible currency is currently trading at 74.79, weaker by 22 paise from its previous close of 74.57 on Friday. The currency touched a high and low of 74.80 and 74.71 respectively.
