The Indian rupee weakened against the U.S. dollar in the morning deals on Monday, as investor sentiment fell after soft Chinese manufacturing data, reviving growth worries.
In other economic news, data from Markit economics showed that India’s manufacturing sector expanded at the weakest pace in twenty two months in October, as output and new orders rose at slower rates. The Nikkei Manufacturing Purchasing Managers’ Index fell 50.7 in October from 51.2 in the previous month.
Against the greenback, the rupee fell to nearly a 5-week low of 65.5100 from Friday’s closing value of 65.4100.
If the rupee extends its downtrend, it is likely to find support around the 67.00 area.
The material has been provided by InstaForex Company – www.instaforex.com