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Rupee weakens against US dollar on Monday

04 Sep 2023 Evaluate

Indian rupee weakened against the US dollar on Monday tracking lackluster trade in domestic equity markets and firm crude prices, even after a soft US jobs report reinforced expectations that the US central bank will not hike interest rates this year. Moreover, data showed India's forex reserves dropped by $30 million to $594.858 billion in the week ended August 25, RBI said on Friday. However, Foreign Institutional Investors (FIIs) were net buyers in the capital markets on Friday as they purchased shares worth Rs 487.94 crore, exchange data showed.

The partially convertible currency is currently trading at 82.75, weaker by 13 paise from its previous close of 82.62 on Friday. The currency touched a high and low of 82.7775 and 82.71 respectively.

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