Indian rupee weakened today against the US dollar, tracking a selloff in domestic equity markets. A broadly stronger US dollar also weighed on the rupee.
After opening at 74.85, the fell to 75.56 at day's low against the USD. In comparison, the rupee had closed at 74.85 in the previous session.
In today's session, rupee traded in the range of 75.10 to 75.56. The total coronavirus cases in the country has crossed 1,070, according to the latest data released by the government. "The overall risk sentiment is negative.
USD has strengthened across the board. Month-end exporter selling and nationalized banks intervening on behalf of the RBI could cap up side in USDINR intra-day," said Abhishek Goenka, Founder & CEO, IFA Global.