Rupee weakens against US dollar on sustained foreign fund outflows

Indian rupee weakened against the US dollar on Tuesday amid sustained foreign fund outflows from domestic capital markets. Foreign Institutional Investors (FIIs) were net sellers as they offloaded shares worth Rs 2,459.10 crore, while Domestic Institutional Investors (DIIs) were net buyers to the tune of Rs 2,390.23 crore in the Indian equity market on Monday, exchange data showed. On the global front, the US dollar has rebounded from recent lows ahead of next week’s US Federal meeting for clues as to the pace of tapering and the timing of the first Fed rate hike.

The partially convertible currency is currently trading at 75.15, weaker by 7 paise from its previous close of 75.08 on Monday. The currency touched a high and low of 75.1725 and 75.0300 respectively.

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