Indian rupee weakened marginally against the US dollar on Monday, tracking weak equities and persistent foreign fund outflows in the capital market. Foreign Institutional Investors (FIIs) were net sellers in the capital market on Friday as they offloaded shares worth Rs 3,770.51 crore, as per stock exchange data. Moreover, elevated crude oil prices also weighed on rupee sentiments. In the view of rising inflation, the Reserve Bank of India is expected to hike the benchmark lending rate during its monetary policy review meeting this week. Although, weakness in American currency in the overseas markets capped further fall in the domestic currency.
The partially convertible currency is currently trading at 77.67, weaker by 1 paise from its previous close of 77.66 on Friday. The currency touched a high and low of 77.6775 and 77.5500 respectively.
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