Rupee weakens to 88.67 against the US dollar due to equity market pressure and global trade uncertainties. Import bills concern investors.
Mumbai, Nov 18 (PTI) The rupee weakened 8 paise to 88.67 against the US dollar in early trade on Tuesday as equity market faced selling pressure amid global trade related uncertainties.
A weak American currency, lower crude oil prices and some inflow of foreign capital into domestic stocks failed to support the Indian currency, forex analysts said.
They said investors are concerned about increasing import bills and widening trade deficit of the country. Also, traders were keenly watching the progress on the proposed India-US trade deal as well as the domestic PMI data to be released later this week.
At the interbank foreign exchange market, the rupee opened at 88.67 and slipped to 88.69 level before inching up to 88.68 against the greenback in initial…
