MUMBAI, Sept 29: Rupee consolidated in a narrow range and settled for the day lower by 3 paise at 88.75 against the US dollar on Monday, on persistent foreign capital outflows and rise in risk-off sentiments. Forex traders said rupee is hovering near its all-time low level as investors remained concerned over global trade uncertainties and impact of US visa fee hike on India's IT services exports. Moreover, the Reserve Bank of India (RBI) policy meeting outcome on October 1, is expected to influence rupee and government bond movements. At the interbank foreign exchange, the rupee opened at 88.69 against the US dollar, and traded in the range of 88.69-88.81. It finally settled for the day at 88.75, registering a loss of 3 paise.
On Friday, the rupee rebounded from its all-time low to close 4 paise higher at 88.72 against the US dollar.
The rupee fell to its lifetime low of 88.76 against the American currency on September 25."We expect the rupee to remain weak on weak domestic markets and elevated crude oil prices. Month-end dollar demand from importers may also pressurise the rupee. |
