Indian rupee weakened against the US dollar on Monday amid escalating tensions on Russia-Ukraine and rising crude oil prices on fears of supply constraints from Russia, a major oil producer after the U.S. and Western allies imposed new sanctions against Russia. Meanwhile, in a dramatic escalation of tensions in eastern Europe, Russian President Vladimir Putin ordered his nuclear forces to be on high alert in response to what he called ‘aggressive statements’ by leading NATO powers over the Ukraine conflict. Further, muted domestic equities and continuous FII fund outflows from domestic markets also weighed on the domestic currency. Foreign Institutional Investors (FIIs) were net sellers in the capital market as they offloaded shares worth Rs 4,470.70 crore on Friday, exchange data showed.
The partially convertible currency is trading at 75.44, weaker by 11 paise from its previous close of 75.33 on Friday. The currency touched a high and low of 75.78 and 75.43 respectively.
