The rupee pared initial losses and settled for the day on a flat note at 76.27 (provisional) against the US dollar on Monday amid weakening of the greenback in international market.
Forex traders said the rupee is trading in a narrow range as losses in the greenback supported the rupee, while weak domestic equities weighed on the local unit.
Moreover, investor confidence strengthened after the minutes of the central bank’s policy meeting revealed that the RBI will use any instrument necessary to revive growth and preserve financial stability.
“The Reserve Bank will continue to remain vigilant and will not hesitate to use any instrument — conventional and unconventional — to mitigate the impact of Covid-19, revive growth and preserve financial stability,” Reserve Bank of India (RBI) Governor Shaktikanta Das said.
At the interbank foreign exchange market, the local currency opened at 76.32, but witnessed heavy volatility and touched a low of 76.45 against the American currency.
The domestic unit pared the losses and finally settled at 76.27 against the greenback, up 1 paise over its previous close.
The rupee had settled at 76.28 against the US dollar on Thursday.
Forex market was closed on April 10 on account of Good Friday.
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.