Rupee falls 3 paise to close at 95.74 against US dollar
The rupee opened at 95.65, then touched an intraday high of 95.64 and a low of 95.75 and finally settled for the day at 95.74 (provisional) against the greenback
The Indian rupee experienced a slight decline on Monday, closing at 95.74 against the US dollar, marking a drop of 3 paise from the previous close. Forex traders attributed the rupee's performance to a combination of factors, including the positive movement of the US dollar, weak domestic markets, and a cautious stance among investors due to potential new US sanctions against Iran.
Rising Brent crude prices and strong import demand also contributed to the negative sentiment surrounding the currency. The rupee opened at 95.65, reached a high of 95.64, and a low of 95.75 before settling at 95.74. This marks a slight negative bias in the rupee's performance, given the uncertainty surrounding the US-Iran situation and the impact of high oil prices on the currency.
Anuj Choudhary, a research analyst at Mirae Asset ShareKhan, expects the rupee to continue trading in a range of 95.50 to 96, with potential support from a weaker US dollar.
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