The rupee on Friday closed almost flat at 70.88 against the US dollar after the Reserve Bank of India in a widely expected move cut key interest rates by 0.25 percentage point.
The Indian rupee has extended the losses and trading near day's low level at 71.06 per dollar, down 18 paise.
It has touched an intra-day low of 71.09 per dollar.
It opened lower by 8 paise at 70.96 per dollar versus Friday's close 70.88.
The domestic equity market is trading volatile with Nifty below 11,150, while Sensex is down over 100 points.
The rupee on Friday closed almost flat at 70.88 against the US dollar after the Reserve Bank of India in a widely expected move cut key interest rates by 0.25 percentage point, said PTI.
On a weekly basis, the local unit slumped by 32 paise, it added.The dollar-rupee October contract on the NSE was at 71.08 in the previous session. Open interest rose by 0.62% in the previous session. We expect the USD-INR to find support at lower levels. Utilise downsides in the pair to initiate long positions, said ICICIdirect.Get access to India's fastest growing financial subscriptions service Moneycontrol Pro for as little as Rs 599 for first year. Use the code "GETPRO". Moneycontrol Pro offers you all the information you need for wealth creation including actionable investment ideas, independent research and insights & analysis For more information, check out the Moneycontrol website or mobile app.