Re falls 11ps to an all-time low of 83.62/$
USD-INR spot price is expected to trade in a range of Rs83.30 to Rs83.80
image for illustrative purpose
Mumbai: Rupee depreciated 11paise and settled for the day at an all-time low of 83.62 against the US dollar on Monday, weighed down by the overall strength of the American currency in the overseas market. Forex traders said a positive trend in domestic equities, wherein benchmark indices touched all-time high levels and significant foreign fund inflows supported the rupee at lower levels. At the interbank foreign exchange market, the local unit opened at 83.53, but lost ground and finally settled at an all-time low of 83.62 against the dollar, 11paise lower than its previous close.
On Friday, the rupee settled at 83.51 against the US dollar. Anuj Choudhary - Research Analyst at Sharekhan by BNP Paribas, said the rupee declined on positive US dollar and rising domestic inflation. US dollar rose on safe haven demand amid political violence in the US, he said, adding that rising odds of a rate cut by Fed in September may limit a sharp upside in the greenback. “Traders may take cues from Empire State manufacturing index data from the US. USD-INR spot price is expected to trade in a range of Rs83.30 to Rs83.80,” Choudhary said.
Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading marginally lower by 0.02 per cent at 104.07.
