The Indian rupee weakened by 1 paisa to 90.67 against the US dollar during early trading on Monday, pressured by foreign institutional investor (FII) outflows and a firmer US currency.
Forex traders said the local currency also faced headwinds from a slight uptick in global crude oil prices and a sharp drop in India’s foreign exchange reserves.
In the interbank foreign exchange market, the rupee opened at 90.63 against the dollar before slipping to 90.67, compared to its previous close.