Going forward rupees is expected to continue trading in a range of 70.65-71.30 with a negative bias, says Rahul Gupta, Head of Research- Currency , Emkay Global Financial Services.
The Indian rupee is trading near the day's low at 71.10 per dollar, with selling seen in the domestic equity market.
It opened marginally lower at 71.10 per dollar versus Friday's close 71.08.
On January 17, the Indian rupee dropped 15 paise to close at 71.08 against the US dollar amid strengthening of the American currency overseas and rising crude prices.
The Sensex was down 252.63 points or 0.60% at 41692.74, and the Nifty was down 77.20 points or 0.62% at 12275.20.
Oil prices jumped on Monday after two large crude production bases in Libya began shutting down amid a military blockade, setting the stage for crude flows from the OPEC member to be cut to a trickle.
The dollar began the week on a firm note as economic data pointed to strength right across the US economy, reducing the likelihood of interest rate cuts.
"Globally Sentiment improved after US-China signed the Phase 1 trade deal, however worries over slowing growth, rising inflation and fiscal slippage locally restricted the gains in rupee. Going forward rupees is expected to continue trading in a range of 70.65-71.30 with a negative bias," said Rahul Gupta, Head of Research- Currency , Emkay Global Financial Services.
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