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Reliance Securities Report
The Indian rupee depreciated against the U.S. dollar this Monday as dollar demand from importers following a further rise in crude oil prices weighed on appetite for the local unit.
Additionally, relentless dollar bids by foreign banks, likely on behalf of a large conglomerate also weighed on the local unit this this Monday.
The rupee ended at 75.36 compared with 74.99 in the previous session.
Earlier in the session, the local unit weakened to a near-six-month low of 75.39.
Most other Asian and emerging market currencies were under pressure today as crude prices extended last week’s climb and weighed on sentiments.
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