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Rupee weakens against US dollar on Tuesday

31 May 2022 Evaluate

Indian rupee weakened against the US dollar on Tuesday, weighed down by surge in crude oil prices after the European Union agreed to slash oil imports from Russia by the end of this year. Meanwhile, India's Q4 GDP growth seen at one-year low on weak consumption. Moreover, the continuous FII outflows also adding pressure on rupee sentiments. Foreign portfolio investors have offloaded Indian equities worth a massive Rs 1.7 lakh crores so far in 2022, data showed. On the global front, the euro gave up some of its recent gains but was still set for its best month in a year as markets repositioning in anticipation of interest rate hikes in Europe and possibility of slower pace of US interest rate hikes.

The partially convertible currency is currently trading at 77.66, weaker by 12 paise from its previous close of 77.54 on Monday. The currency touched a high and low of 77.68 and 77.6325 respectively.

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