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Reliance Securities Report
The Indian rupee depreciated against the U.S. dollar on Monday weighed down by a rebound in the dollar index and weak local shares.
The rupee settled 75.01 to the dollar compared with 74.81 on Friday.
U.S. dollar was firm on Monday afternoon trade and weighed on the currency. Meanwhile, most Asian currencies were weaker against the U.S. dollar this Monday’s session.
The benchmark S&P BSE Sensex and the broader Nifty 50 index fell 1.77% and 1.64%, respectively, tracking Asian shares.
U.S. dollar was slightly higher against a basket of currencies on Monday as investors unwound some recent short positions.
Upbeat manufacturing purchasing managers index (PMI) from the U.S. also supported the currency.
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