Indian rupee weakened against the US dollar on Monday, weighed down by muted trend in equities following sustained foreign fund outflows from domestic capital markets. Exchange data showed Foreign Institutional Investors (FIIs) were net sellers in the capital market as they offloaded shares worth Rs 2,697.70 crore, while Domestic Institutional Investors (DIIs) were net buyers to the tune of Rs 1,029.97 crore in the Indian equity market on Friday. Moreover, rising bond yields and crude oil prices dented investor sentiment and fuelled concerns about growth outlook globally. On the global front, the US dollar extends weakness after US Federal Reserve Chair Jerome Powell said on Friday it was time to start cutting back asset purchases but it was not yet time to begin raising interest rates.
The partially convertible currency is currently trading at 75.02, weaker by 12 paise from its previous close of 74.90 on Friday. The currency touched a high and low of 75.0825 and 74.9800 respectively.
