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Rupee weakens against US dollar on Monday

09 May 2022 Evaluate

Indian rupee weakened against US dollar on Monday due to weak domestic equities following unabated foreign fund outflows, while elevated crude oil prices and a widening trade deficit also continued to weigh on rupee sentiment. Foreign Institutional Investors (FIIs) were net sellers in the capital market on Friday, as they offloaded shares worth Rs 5,517.08 crore, exchange data showed. Further, a tightening lockdown in Shanghai stoked concerns about global economic growth and possible recession. Moreover, strengthening American currency overseas also added pressure on rupee.

The partially convertible currency is currently trading at 77.39, weaker by 49 paise from its previous close of 76.90 on Friday. The currency touched a high and low of 77.4650 and 77.1700 respectively.

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