Mumbai: The Indian Rupee was depreciated by 16 Paise to 75.04 against the US dollar in opening trading on Monday, weighed by the power of American currencies in foreign markets.
In the interbank foreign exchange, Rupee opened on a weak record at 75, then fell further to 75.04, registering a decline of 16 Paise from near the last.
On Friday, Rupee was closed at 74.88 against the US dollar.
Meanwhile, the dollar index, which measures the greenback’s strength against a basket of six currencies, up 0.14 percent to 94.25.
“The dollar-rupee opened at the level of 75.00 and is expected to remain in the range of 74.70 to 75.20 for the day with the flow of the IPO and it continues to hit the market and the outflow of oil absorbs,” said Anil Kumar Bhansali, head Ministry of Finance, Finrex Financial Advisor.
The market is awaiting the results of the US Fed meeting on November 3, OPEC meeting on November 4 and NFPR data at 5.
The effect will be seen on November 8, after the weekend is limited, said Bhansali.
Exporters tend to be sold near 75.05 to 75.10 and importers are expected to buy close to the level of 74.80 for their short-term exposure, he added.
Global Oil Benchmark Brent Crude Futures fell 0.32 percent to $ 83.45 a barrel.
In addition, foreign institutional investors are clean sellers in the capital market on Friday because they lowered the shares worth Rs 5,142.63 Crore, according to data exchange.
At the front of the domestic equity market, Sensex 30-shares traded 308.47 points or 0.52 percent higher at 59,615.40, while the NIFTY NIFTY rose 94.75 points or 0.54 percent to 17,766.40.