The rupee ended the day at 74.06 versus US dollar on Monday, touching a new record low.
Rupee fall continues: The rupee ended the day at 74.06 versus US dollar on Monday, touching a new record low. The domestic currency had opened lower at 73.95 versus dollar today after the RBI on Friday kept the repo rate unchanged but changed the stance from Neutral to “Calibrated Tightening.” The rupee on Friday closed at 73.77.
On Friday, the rupee had touched a record low of 74.22 per dollar. The forex dealers said the dollar’s strength against major global currencies weighed on the sentiment of rupee.
Just after the China’s central bank eased its domestic policy to support the economy, the US dollar gained strength. On Sunday, the China’s central bank said it was cutting down the reserve requirement rations (RRRs) by 1 percent from October 15 which will infuse a net $109.2 billion in cash into the banking system.
It comes amid a deepening trade war with the US that has surged pressure on growth in the world’s second largest economy.
Meanwhile, the 50-scrip BSE Sensex traded within a range of more than 660 points and closed 97.39 points or up 0.28 percent at 34,474.38 points.
The Nifty held on to the 10,300 levels and closed a tad below the 10,350-mark at 10,348.05 points, up 31.60 points or 0.31 percent.