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The rupee depreciated by 12 paise to close at 68.92 against the US dollar on Monday tracking heavy losses in the domestic equity market and a spike in crude oil prices following Iran’s seizure of a British tanker.
Forex traders said a stronger US dollar against major currencies overseas also weighed on the rupee sentiment.
Besides, market participants are not very hopeful about large-scale easing by the Reserve Bank, following RBI Governor Shaktikanta Das’s statement, wherein he said a change in monetary policy stance effectively equates to an additional 25-bps rate cut, traders said.
At the interbank foreign exchange (forex) market, the domestic currency opened lower at 68.95 per dollar, and further lost ground to touch the day’s low of 69.06. The rupee finally settled at 68.92, down 12 paise over its previous close.
The rupee had settled at 68.80 against the US dollar on Friday.
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