Indian rupee remained weak through out the day on Monday and closed 12 paise down at 67.19 against US dollar at Interbank Foreign Exchange as demand for the American currency increased among importers and banks amid weakness in yuan and yen.
“Indian Rupee closed weaker today against the US Dollar, tracking the weakness in EM currencies, especially Chinese Yuan. Yuan dropped to a fresh 5 year low at 6.70 against USD. Geopolitical turmoil in Turkey had also played it’s part in dampening sentiments on EM currencies. Over the near term Rupee is expected remain within a range of 66:80-67-50,” Anindya Banerjee, currency analyst, Kotak Securities, said.
The Indian rupee has opened 67.14 against the American currency. The positive opening at the domestic equity markets also couldn’t help the rupee much, but restricted its fall. Later, the stock markets wiped off their gains and closed in negative terrain. The BSE Sensex dropped 89.84 points to end at 27,746.66, while NSE Nifty shed 32.70 points to close at 8,508.70.
On Friday, the Indian rupee closed 16 paise down to 67.07 against the American currency.
Dollar’s weakness against some major currencies globally also limited rupee’s fall.