The Indian rupee dropped at 74.20 against the US dollar in opening trade tracking the strengthening of the American currency and weak domestic equities. Besides, rising crude oil prices also weighed on the local unit.
At the interbank foreign exchange, the rupee trading lower on Monday at 74.11 against the dollar, registering a fall of 25 paise over its previous close.
On Friday, the rupee had settled at 73.86 against the US dollar.
Asian currencies have started mixed against the greenback, while crude oil prices are trading higher and could weigh on sentiments, the note added.
On the domestic equity market front, BSE Sensex is currently 15,689.55 up 6.20 points or 0.04%. Nifty50 is currently 52,379.76 up 35.31 points or 0.07%.
As per Exchange data on Friday, foreign institutional investors were net buyers in the capital market as they purchased shares worth Rs2,680.57cr.
Meanwhile, Asian stock markets are sharply lower in deep red on Monday as Japan’s markets plummeted over 950 points. After falling 4%, the Nikkei 225 index pared some of those losses but was still trading 3.29% lower in the afternoon. The Topix index fell 2.86% and Hong Kong’s Hang Seng index shed 1.44%.
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