Rupee slips below 75/$ level to record sixth straight session of loss
PTI
Mumbai |
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Rising crude oil prices, foreign fund outflows and spiking Covid-19 cases weighed on the domestic currency
The rupee fell for the sixth straight session and settled 32 paise down at 75.05 (provisional) against the US dollar on Monday amid a lacklustre trend in domestic equities ahead of the release of key macro-economic data.
Moreover, rising crude oil prices, foreign fund outflows and spiking Covid-19 cases weighed on the domestic currency.
At the interbank forex market, the local unit opened at 74.97 against the greenback and traded in the range of 74.78 to 75.14 during the day.
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In the previous session, the rupee gained 3 paise to settle at 72.93 against the U.S. Dollar.
The rupee appreciated by 9 paise to 72.84 against the U.S. Dollar in opening trade on Monday following rally in domestic equities.
At the interbank forex market, the local unit opened higher at 72.86 against the U.S. Dollar and climbed further to 72.84 in early deals, registering a rise of 9 paise over its last close.
In the previous session, the rupee gained 3 paise to settle at 72.93 against the U.S. Dollar.
The dollar index, which gauges the greenback s strength against a basket of six currencies, advanced 0.03 % to 91.07.
On Friday, the rupee had settled at 72.96 against the American currency.
Reliance Securities said in a research note, The focus of the market is currently on the upcoming federal budget on Monday. Traders will watch for any announcements that could have a bearing on equity flows, and in turn on the rupee in the near term. Asian currencies were weak against the greenback and could keep appreciation bias limited.
Meanwhile, FM Sitharaman has initiated with the announcement of budget from Parliament. In this year s budget, the Centre is expected to primarily focus on manufacturing, Atmanirbhar Bharat and healthcare as main themes. Agriculture and infrastructure may also receive a push.