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Rupee weakens against US dollar on Tuesday

09 May 2023 Evaluate
Indian rupee weakened against the US dollar on Tuesday, tracking the strength of the American currency at overseas market. Meanwhile, investors are awaiting with caution for US inflation figures for April, which would influence the US Federal Reserve's next interest rate decision. However, firm domestic equities following significant foreign fund inflows, supported rupee and restricted the downslide to some extent. Foreign Institutional Investors (FIIs) were net buyers in the capital markets on Monday as they bought shares worth Rs 2,123.76 crore, exchange data showed.

The partially convertible currency is currently trading at 82.02, weaker by 24 paise from its previous close of 81.78 on Monday. The currency touched a high and low of 82.03 and 81.83 respectively.

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