Indian rupee weakened against the US dollar on Tuesday, driven by persistent foreign funds outflows in the capital market. Foreign Institutional Investors (FIIs) remained net sellers in the capital market as they offloaded shares worth Rs 2,149.56 crore on Monday, exchange data showed. Moreover, strengthening US dollar and rising Crude oil prices also weighed on rupee sentiments. Meanwhile, a private report revealed many major economies will enter recessions over the next 12 months. Although, strength in domestic equities limited the downside.
The partially convertible currency is currently trading at 79.07, weaker by 12 paise from its previous close of 78.95 on Monday. The currency touched a high and low of 79.0900 and 79.0225 respectively.
