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Rupee weakens to all-time low against US dollar on Monday

10 Oct 2022 Evaluate
Indian rupee weakened to an all-time low against the US dollar on Monday as negative trend in domestic equities, elevated crude oil prices and foreign capital outflows weighed on sentiments. Foreign Institutional Investors (FIIs) were net sellers in the capital market as they offloaded shares worth Rs 2,250.77 crore on Friday, exchange data showed. India's forex reserves declined by $4.854 billion to $532.664 billion as on September 30, RBI said on Friday. Moreover, firm American currency at overseas markets, while expectations for more aggressive interest rate hikes from the US Federal Reserve also dampened investor appetite for risk. Investors are now awaiting India's consumer price inflation data for September due on Wednesday. Investors will also watch US inflation data and minutes of the Fed’s September meeting scheduled this week.

The partially convertible currency is currently trading at 82.37, weaker by 7 paise from its previous close of 82.30 on Friday. The currency touched a high and low of 82.69 and 82.34 respectively.

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