Indian rupee weakened against the US dollar on Monday as weak domestic equities and foreign fund outflows weighed on rupee sentiments. Foreign Institutional Investors (FIIs) were net sellers in the capital markets on Friday as they offloaded shares worth Rs 1,470.34 crore, exchange data showed. Meanwhile, The RBI said India's forex reserves dropped by $5.681 billion to $561.267 billion in the week ended February 17. Rupee weakened further by a strong American currency overseas with a view that the US Federal Reserve will have to raise interest rates further and for longer.
The partially convertible currency is currently trading at 82.93, weaker by 18 paise from its previous close of 82.75 on Friday. The currency touched a high and low of 82.9475 and 82.85 respectively.
