On Friday, the rupee had closed at 74.12 against the US dollar.
The rupee on Monday fell 19 paise to 74.31 against the US dollar as a firm greenback against key rivals and rising crude oil prices weighed on investor sentiment.
At the interbank forex market, the local currency opened at 74.16 and saw intra-day highs of 74.13 and 74.41 lows against the US dollar in the day’s trade.
The local unit finally closed at $74.31 a dollar, down 19 paise from its previous close. On Friday, the rupee had closed at 74.12 against the US dollar.
Jatin Trivedi, Senior Research Analyst, LKP Securities, said, “The rupee weakened on the back of a weakening dollar index as the US Fed gave bond-buying signals in the coming weeks.
Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading 0.10% lower at 93.93.
“The outcome of the OPEC meeting will be affected by crude oil prices and USD/INR pair being a net importer of crude, so traders will keep a close watch on the outcome of the OPEC meeting,” Trivedi said. Going forward, the rupee can be seen between 74.20 to 74.60.
Meanwhile, global oil benchmark Brent crude futures rose 0.15% to $79.40 per barrel.
On the domestic equity market front, the BSE Sensex closed 533.74 points or 0.91% higher at 59,299.32, while the broader NSE Nifty ended 159.20 points or 0.91% higher at 17,691.25.
Meanwhile, foreign institutional investors were net buyers in the capital market on Friday as they bought shares worth Rs 131.39 crore, according to exchange data.
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