Rupee under pressure as US dollar rebounds
Rupee under pressure as US dollar rebounds
image for illustrative purpose
Mumbai: The rupee on Monday declined by eight paise to close at 73.10 against the US currency mainly due to the US dollar's gains in the global markets. At the interbank foreign exchange market, the domestic currency opened flat at 73.02, but later lost ground to touch a low of 73.11 in the day trade.
"RBI intervention remains a major factor supporting USDINR near 73 level. However, upside remains capped near 73.40 as exporters remain active sellers," said Anindya Banerjee, DVP, Currency Derivatives & Interest Rate Derivatives at Kotak Securities Ltd.
Jateen Trivedi, senior research analyst at LKP Securities, adds: "The rupee traded near 73.10 compared to 73.00 previously due to gains in the dollar index which took support near 92.00 and scanned towards 92.25. The rupee has moved in line with record breaking run in the stock markets and any profit booking in equity shall result in profit booking in rupee as well. "The range for rupee can be between 72.85-73.40."
