The rupee hit a near two-month low in early trading on Monday, tracking losses in most other Asian currencies, although some corporate dollar selling helped prevent broader losses in the local currency.
At 9:08 a.m. (0338 GMT), the rupee was at 54.94/95, marginally weaker than its close of 54.90/91 on Friday. The unit dropped to as low as 55.15 in opening trades, its weakest since January 8.
Sentiment for the rupee has been bearish after a close above 54.80 on Friday, traders said. However, USD/INR should see good technical resistance at around 55.15, ahead of the 55.89 peak in November.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
