MUMBAI: The Indian rupee depreciated 16 paise to 75.04 against the US dollar when trade opened on Monday, weighed down by the strength of the US currency in the overseas market.
In the interbank forex market, the rupee opened on a low note at 75, then fell further to 75.04, recording a decline of 16 paise since the last close.
On Friday, the rupee closed at 74.88 against the US dollar.
Meanwhile, the dollar index, which measures the strength of the greenback against a basket of six currencies, rose 0.14% to 94.25.
The dollar-rupee opened at 75.00 levels and is expected to remain in the 74.70-75.20 range for the day as IPO flows continue to hit the market and oil company exits absorb the inflows. “, said Anil Kumar Bhansali, head of the Treasury. , Finrex Treasury Advisors.
The market is awaiting the results of the US Fed meeting on November 3, the OPEC meeting on November 4, and the NFPR data on November 5. The effects will be visible on November 8, after the shortened weekend, Bhansali said.
Exporters are expected to sell close to 75.05 to 75.10 and importers are expected to buy close to 74.80 for their short-term exposures, he added.
Global benchmark Brent crude oil futures fell 0.32 percent to $ 83.45 a barrel.
Additionally, foreign institutional investors were net sellers in the capital market on Friday as they shed shares worth Rs 5,142.63 crore, according to exchange data.
On the national stock market front, the 30-stock Sensex was trading 308.47 points or 0.52% higher at 59,615.40, while the broader NSE Nifty index rose 94.75 points or 0.54% at 17,766.40.