Multiple reasons like weak domestic equities and foreign fund outflows forced Indian rupee to depreciate by 19 paise and close under 76 per dollar on Monday. Experts cited that the risk appetite of traders decreased with the rapid growth of the pandemic cases.
Indian rupee which had a weak opening at the interbank forex market with 75.93 diminished further and settled at 76.03. On Friday, Indian Rupee settled with 75.84 against the American dollar.
On the other hand, the contract of the Dollar Rupee on the National Stock Exchange(NSE) stood at 75.94 during the last session.
Talking about the same, Head of Research Currency, Emkay Global Financial Services Rahul Gupta opined that until the vaccine for the pandemic is found the uncertainties continue to rise and we can't do much about it.
Indian rupee which had a weak opening at the interbank forex market with 75.93 diminished further and settled at 76.03. On Friday, Indian Rupee settled with 75.84 against the American dollar.
On the other hand, the contract of the Dollar Rupee on the National Stock Exchange(NSE) stood at 75.94 during the last session.
Talking about the same, Head of Research Currency, Emkay Global Financial Services Rahul Gupta opined that until the vaccine for the pandemic is found the uncertainties continue to rise and we can't do much about it.