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The rupee depreciated by 6 paise to close at 71.18 against the US dollar on Monday amid muted activity in domestic equities and steady rise in crude oil prices. Forex traders said the rupee is trading in a narrow range amid lack of cues from the global market.
At the interbank foreign exchange market, the domestic currency opened weak at 71.15 and later fluctuated between a high of 71.11 and a low of 71.24.
The domestic unit finally settled at 71.18, showing a fall of 6 paise over its previous close of 71.12 on Friday.
“The rupee failed to witness any trend and continued to quote in a narrow range of 71.05 to 71.25 (spot) due to lack of cues from domestic as well as global front,” said Gaurang Somaiyaa, Forex and Bullion Analyst at Motilal Oswal Financial Services.
Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, rose by 0.01 per cent to 97.69.
Brent futures rose 0.03 per cent to $66.16 per barrel. The 10-year government bond yield was at 6.56 per cent.
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