Indian rupee weakened against the U.S. dollar on Tuesday as uncertainty over the next round of US-Iran negotiations in Qatar and fund outflows by foreign institutional investors (FIIs) have sparked caution among investors. The FIIs were the net sellers on Monday, offloading securities worth Rs 1,350.10 crore. Traders also maintained risk adverse approach after Commerce and Industry Minister Piyush Goyal said that India's negotiations for free trade agreements (FTAs) with Israel and the six-nation Gulf Cooperation Council (GCC) are currently on hold due to the ongoing West Asia crisis. On the global front, the British pound has weakened against the U.S. dollar on Tuesday as market participants remained cautious and sought more clues on the new Treasury leader to replace Rachel Reeves.
Finally, the rupee ended at 94.66 (Provisional), weakened by 15 paise from its previous close of 94.51 on Monday. The currency touched a high and low of 95.55 and 94.52 respectively.
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