Indian rupee weakened against the US dollar on Tuesday, weighed down by a lackluster trend in the domestic equity markets following unabated foreign fund outflows and elevated crude oil prices. Foreign Institutional Investors (FIIs) remained net sellers in the capital market as they offloaded shares worth Rs 1,951.17 crore on Monday, exchange data showed. Meanwhile, RBI Governor Shaktikanta Das hinted yesterday that interest rates might go up again at the beginning of June to bring down high inflation which has remained above the tolerance level for the past four months. The next meeting of the RBI's Monetary Policy Committee is scheduled for June 6-8.
The partially convertible currency is currently trading at 77.62, weaker by 7 paise from its previous close of 77.55 on Monday. The currency touched a high and low of 77.65 and 77.5125 respectively.
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