Rupee Settles 3 Paise Down at 71.11 Against US Dollar
The rupee slipped 3 paise to close at 71.11 against the US dollar on Monday, tracking a steady rise in crude oil prices and weakness in domestic equities.
Mumbai, Jan 20 (PTI) The rupee slipped 3 paise to close at 71.11 against the US dollar on Monday, tracking a steady rise in crude oil prices and weakness in domestic equities.
Forex traders said the weakness in the rupee was largely due to a spurt in crude oil prices following rising tensions in the Middle East and North Africa.
At the interbank foreign exchange market, the local currency opened on a weak note at 71.07 and fell further to a low of 71.15.
It finally settled at 71.11, lower by 3 paise against its previous close.
The domestic unit had settled at 71.08 against the American currency on Friday.
Global crude benchmark Brent was trading 0.56 per cent higher at USD 65.21 per barrel.
"Indian rupee opened with minor gains but gave away all its gains amid lower domestic equities and higher crude oil prices. The strength in dollar against major trading currencies also weighed on rupee," said V K Sharma, Head PCG and Capital Markets Strategy, HDFC Securities.
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