Rupee trades 13 paise lower against the US dollar

MUMABI: The Indian rupee traded 13 paise lower against the US dollar on Monday amid choppy domestic equities.

At 10:11 am, the rupee was trading at 73.70 against the US dollar, compared to the previous close of 73.57. It had opened at 73.76.

Last week, the rupee consolidated in a narrow range following consistent fund inflows in the equity segment and weakness in the dollar against its major crosses.


Volatility for the currency remained low despite the Federal Reserve and Bank of England policy statement that was released earlier this week.

“Lack of cues on the domestic front is likely to keep the volatility low for the currency. On the domestic front, no major economic data is expected to be released but more inflows are likely to keep the currency supported at lower levels,” Motilal Oswal analysts said in a note.

“For today, we expect the USDINR (Spot) to trade sideways and quote in the range of 73.40 and 74.05,” they added.

Meanwhile, the US dollar climbed against major peers on Monday with investors seeking its relative safety as many countries tightened Covid-19 lockdowns, Reuters reported adding that the pound was the biggest loser in early Asian trading after Britain imposed tough new restrictions to stem a fast-spreading new coronavirus strain.

At the same time, in the Brexit trade talks during the weekend Britain insisted that the European Union should move to open the way to a new, post-Brexit trade pact, which drew a swift response from the bloc’s negotiator defending the union’s right to protect its interests.