Rupee opens 31 paise down at 74.42 against dollar

NEW DELHI: The rupee on Monday opened 31 paise down at 74.42 against the US dollar tracked weak domestic equity market and stronger US dollar index.

Increased number of Covid cases across the globe further weighed on the overall market sentiment.

On the domestic front, market participants are now waiting for more clarity on the stimulus package which is under consideration for quite some time now. At the same time, no major clarity on the stimulus package from the US also disturbed the overall sentiment of market participants, who were hopeful of getting it cleared in the recent past.


For today, brokerage Motilal Oswal expects the rupee to quote with a negative bias and quote in the range of 74.25 and 74.80.

The pound came under pressure during the weekend after the UK Prime Minister ordered England back into a national lockdown after the United Kingdom passed the milestone of one million Covid-19 cases and the second wave of infections threatened to overwhelm the health service.

The government will revive its emergency coronavirus wage subsidy scheme to ensure workers who are temporarily laid off during a new England-wide lockdown receive 80 per cent of their pay.

Today, the focus will be on manufacturing PMI number that will be released from the US, UK and the Eurozone and that could trigger further move for major crosses.