Indian rupee weakened against the US dollar on Monday following volatility in the domestic equity market. Further, Foreign Institutional Investors (FIIs) were net sellers as they offloaded shares worth Rs 163.31 crore in the capital market on Friday, exchange data showed. Meanwhile, the US dollar hovered near its strongest level against its rivals as financial markets looked ahead to the Federal Open Market Committee (FOMC) meeting this week for clues on the timing of stimulus tapering.
The partially convertible currency is currently trading at 74.44, weaker by 4 paise from its previous close of 74.40 on Friday. The currency touched a high and low of 74.49 and 74.4225 respectively.