INSUBCONTINENT EXCLUSIVE:
Monday's intraday low of 66.23 against the US dollar was last registered on March 14, 2017
The rupee (INR) shed as much as 11 paise against the US dollar (USD)
today to 66.23, still around one-year low levels
With that, the rupee extended losses against the greenback for a sixth straight session
The rupee traded in the range of 66.23-66.14 against the US currency during Monday's session
At the day's weakest point, the rupee has lost 97 paise against the US dollar on a cumulative basis in six consecutive trading sessions
Monday's intraday low of 66.23 against the US dollar was last registered on March 14, 2017.Here are 10 things to know about the rupee vs US
dollar (INR vs USD) exchange rate on Monday:1
At 12:26 pm, the rupee was trading at 66.21 against the US dollar.2
In the opening trade, the rupee had weakened by 4 paise to 66.16 against the US dollar at the interbank foreign exchange market, amid
foreign capital outflows, according to news agency Press Trust of India.3
Sustained demand for the American currency from importers and dollar strength against other currencies overseas, bolstered by rising US bond
yields, weighed on the domestic unit, the agency said citing forex dealers.4
On Friday, the rupee had closed at a 13-month low of 66.12 against the US currency
On a net basis, foreign portfolio investors (FPIs) sold shares worth a net Rs 21.02 crore on that day, provisional data showed.5
India's foreign exchange reserves rose to a life-time high of $424.864 billion at the first week of April, aided by increase in foreign
currency assets, Reserve Bank of India (RBI) data showed.6
Headwinds in the form of widening in trade deficit due to surging crude prices accompanied by portfolio outflows amid unsupportive global
factors have weighed on the local currency in the last few trading sessions.7
The central bank earlier this month outlined higher growth expectations for the new fiscal citing strong revival in investment activity and
also lowered its inflation forecast
It though kept key policy rate unchanged for the fourth consecutive time since August.8
Meanwhile, the BSE benchmark equity index Sensex rose over 100 points
Investors turned optimistic ahead of key corporate earning of index heavyweights this week.9) The USD-INR pair expected to continue its
bullish momentum, says forex advisory firm IFA Global.10) The RBI may intervene in the forex market to halt rapid depreciation of the rupee
and could reinfuse liquidity, IFA Global added.
