Indian rupee weakened against the US dollar on Monday, tracking strengthening of the American currency in the overseas market. Meanwhile investors will be focusing on developments at China Evergrande group and on the RBI monetary policy meeting and the US monthly jobs report. RBI’s Monetary Policy Committee is expected to keep the key interest rates unchanged in its bi-monthly monetary policy review this week. However, strong domestic equities following foreign fund inflows and decline in crude oil prices capped rupee's losses. Foreign Institutional Investors (FIIs) were net buyers in the capital market as they purchased shares worth Rs 131.39 crore on Friday, exchange data showed.
The partially convertible currency is currently trading at 74.22, weaker by 10 paise from its previous close of 74.12 on Friday. The currency touched a high and low of 74.2600 and 74.1325 respectively.
