Rupee on Monday opened at a 3-week low at Rs 71.31 per US dollar as against the previous close of Rs 70.80 per US dollar.
Rupee on Monday opened at a 3-week low at Rs 71.31 per US dollar as against the previous close of Rs 70.80 per US dollar. The local unit fell as much as 0.84 percent or 59 paise in the early trade. On Friday, the domestic currency had staged a mild recovery to close with a gain against the greenback in line with rally in domestic stocks and positive global cues. The 10-year bond yields are also at one-week high of 7.51 percent.
The headline indices – Sensex and Nifty – opened lower tracking weak global and domestic cues, as a sell- off witnessed in US equities, and state election results weigh. The 30-share Sensex plunged 542 points to hit the day’s low at 35,111.354, while the Nifty 50 slumped below 10,550 level.
Meanwhile, oil prices rose on Monday, extending gains from Friday when producer club OPEC and some non-affiliated producers agreed a supply cut of 1.2 million barrels per day (bpd) from January. Despite this, the outlook for next year remains muted on the back of an economic slowdown. International Brent crude oil futures were at $62.21 per barrel at 0218 GMT, up 54 cents, or 0.9 percent, from their last close, Reuters said.