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Reliance Securities Report
The Indian rupee depreciated against the U.S. dollar against the U.S. currency, weighed down by outflows and likely bids from importers.
The rupee was quoted at 73.34 to the dollar compared with 73.14 on Friday.
Additionally, the central bank of India RBI may have been present in the forwards market to manage rupee liquidity in the system, which added further pressure on the local unit.
The one-year forward premium climbed to 3.14 rupees, compared with 3.06 rupees on Friday. The implied yield was at 4.28%.
The dollar index was up this Monday afternoon trade and also weighed on sentiments.
Asian currencies were mixed this Monday.
The benchmark S&P BSE Sensex and the broader Nifty 50 index snapped a two-day losing streak to end 0.16% and 0.19% higher in a volatile trading session.
The U.S. dollar index ended higher on Monday in a holiday thinned trade.
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