Indian rupee weakened against the US dollar on Tuesday amid a stronger American currency at overseas markets with expectations that the US Federal Reserve is likely to keep interest rates higher for longer, to tame surging inflation. Moreover, elevated level of crude oil prices, subdued equity market and foreign fund outflows also added pressure on rupee. Foreign Institutional Investors were net sellers in the capital market on Monday as they offloaded shares worth Rs 2,333.03 crore, exchange data showed.
The partially convertible currency is currently trading at 83.22, weaker by 9 paise from its previous close of 83.13 on Monday. The currency touched a high and low of 83.2425 and 83.1750 respectively.