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Rupee weakens against US dollar on Monday

05 Sep 2022 Evaluate

Indian rupee weakened against the US dollar on Monday, due to foreign fund outflows in to the capital market coupled with elevated crude oil prices. Foreign Institutional Investors (FIIs) turned net sellers in the capital market as they offloaded shares worth Rs 8.79 crore on Friday, exchange data showed. Moreover, stronger American dollar driven by expectation of further interest rates hikes by Federal Reserve also weighed on rupee sentiments.

The partially convertible currency is currently trading at 79.89, weaker by 2 paise from its previous close of 79.87 on Friday. The currency touched a high and low of 79.9050 and 79.8200 respectively.

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