The Indian rupee slipped against the US dollar tracking the firm American currency. Currently, the currency is trading lower by 8 paise at 74.24 against US Dollar.
At the interbank foreign exchange, the local unit opened on a weak note at 74.21 against the dollar, then fell further to 74.25, registering a fall of 10 paise over its previous close.
The dollar climbed against major peers in early trades on Monday and strengthened as far as $1.1742 to the single currency, on the back of a strong U.S. jobs report.
On Friday, the rupee secured its fifth gain in a row and settled at 74.15 against the US dollar.
On the economy front, the Reserve Bank of India (RBI) on Friday decided to keep the benchmark interest rate unchanged at 4% but maintained an accommodative stance as the economy is yet to recover from the impact of the second COVID wave. The RBI, however, raised the retail inflation projection for the current fiscal to 5.7% on account of supply side impediments, firm crude oil prices and higher cost of raw materials.
On the domestic equity market front, BSE Sensex was trading 74 points or 0.14% higher at 54,351, while the broader NSE Nifty advanced 11 points to 16,248.
Meanwhile, foreign institutional investors were net sellers in the capital market on Friday as they offloaded shares worth Rs69.37cr, as per exchange data.
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