At the interbank foreign exchange, the rupee opened on a muted note at 76.58 against the American dollar, then fell and touched an early low of 76.65 in initial deals
The rupee declined 23 paise to 76.65 against the U.S. dollar in the opening trade on Monday tracking the strength of the dollar in the overseas market.
At the interbank foreign exchange, the rupee opened on a muted note at 76.58 against the American dollar, then fell and touched an early low of 76.65 in initial deals, registering a fall of 23 paise over its previous close.
On Friday, the rupee declined by 25 paise to close at 76.42 against the U.S. currency.
The rupee opened weaker against the US dollar weighed by hawkish comments from Federal Reserve Chair Jerome Powell last week, said Sriram Iyer, Senior Research Analyst at Reliance Securities.
Most Asian and emerging market peers are trading weaker this Monday morning and could weigh on sentiments.
The dollar index, which gauges the greenback’s strength against a basket of six currencies, rose 0.02% to 101.23.
On the Indian equity market front, the 30-share Sensex was trading 645.45 points or 1.13% lower at 56,551.70, while the broader NSE Nifty declined by 189.05 points, or 1.1%, to 16,982.90.
Foreign institutional investors remained net sellers in the capital market on Friday as they offloaded shares worth Rs. 2,461.72 crore, according to stock exchange data.
Meanwhile, traders of fed funds futures have priced in a 94 percent chance that the Federal Reserve will deliver a 75 basis point rate hike in June, up from 70 percent on Thursday and 28 percent a week ago, according to the CME FedWatch Tool.
Meanwhile, global oil benchmark Brent crude futures fell 2.85% to $103.61 per barrel.
The US oil benchmark fell $1.72, or 1.7 percent, to settle at $102.07 a barrel on the New York Mercantile Exchange, falling 4.1percent for the week.
Gold fell $13.90, or 0.7 percent, to settle at $1,934.30 an ounce, leaving a 2.1 percent weekly fall.
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