On Friday, the rupee had settled at 74.20 against the U.S. dollar.

The Indian rupee slumped 6 paise to 74.26 against the U.S. dollar in opening trade on Monday as firm crude oil prices weighed on investor sentiment.

At the interbank foreign exchange, the rupee opened lower at 74.24 against the dollar, then fell further to 74.26, registering a fall of 6 paise over its previous close.

On Friday, the rupee had settled at 74.20 against the U.S. dollar.

“The apparent risk for the rupee this week is persistently higher crude oil prices. That, coupled with the market expectations for a slightly stronger dollar in the short run, will continue to weigh on the local unit,” Reliance Securities said in a research note.

Global oil benchmark Brent crude futures down 0.22% to $76.01 per barrel.

Asian currencies have started flat to marginally weaker against the greenback this morning and could cap appreciation bias, the note added.

Read more…

Share.

Comments are closed.