Rupee weakens 9 paise against US dollar ahead of Fed policy meet
A strong dollar and sustained foreign fund outflow weighed on the rupee, amid rising current account deficit in the December quarter.
business Updated: Mar 19, 2018 10:46 IST
On Friday, the rupee had ended 1 paisa lower at 64.94 against the US dollar.(Reuters File)
The rupee lost 9 paise against the US dollar to 65.03 in opening trade on Monday, as the greenback firmed up ahead of US Federal Reserve’s policy meet this week.
A strong dollar and sustained foreign fund outflow weighed on the domestic unit amid rising current account deficit in the December quarter, a currency dealer said.
The current account deficit rose to 2% of the GDP a t$13.5 billion in the December quarter, up from $8 billion or 1.4% in the year-ago period, on the back of higher trade deficit, RBI data showed.
On Friday, the rupee had ended 1 paisa lower at 64.94 against the US dollar.
Foreign investors withdrew a net Rs 150.46 crore from stocks on Friday, according to provisional data.