Rupee weakens against US dollar on Monday

15 May 2023 Evaluate
Indian rupee weakened against the US dollar on Monday, weighed down by the strength of the American currency in the overseas market after a survey of US consumers' long-term inflation expectations jumped to the highest since 2011, that fuelled the possibility of interest rate hike by the US Federal Reserve in June. Meanwhile, investors are awaiting WPI inflation and trade deficit data from India and European Industrial Production as well as US NYK Empire State Manufacturing Index data for further cues. However, firm trend in domestic equities following foreign fund inflows and easing crude oil prices capped rupee's fall to some extent. Foreign Institutional Investors (FIIs) were net buyers in the capital markets on Friday as they purchased shares worth Rs 1,014.06 crore, exchange data showed.

The partially convertible currency is currently trading at 82.29, weaker by 11 paise from its previous close of 82.18 on Friday. The currency touched a high and low of 82.3025 and 82.1850 respectively. 

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