Rupee weakens against US dollar on Monday
The Indian rupee weakened against the US dollar on Monday, due to persisting uncertainties over US President Donald Trump's tariff policies and their impact on global economic growth. Rupee sentiments weakened further on strong American currency along with rising crude oil prices amid concerns over oil supplies from Russia, as Ukraine intensified drone attacks on Russian oil infrastructure. However, expectations of a US Fed rate cut in September, and strong foreign fund inflows have limited further falls in rupee. Foreign Institutional Investors purchased equities worth Rs 129.58 crore on Friday, exchange data showed. Meanwhile, India's forex reserves jumped $4.038 billion to $698.268 billion during the week ended September 5 on the back of a sizable increase in value of gold reserves, the RBI data showed on Friday.
The partially convertible currency is currently trading at 88.28, weaker by 2 paise from its previous close of 88.26 on Friday. The currency touched a high and low of 88.30 and 88.22 respectively.
