Rupee sheds 9 paise against US dollar

Rupee sheds 9 paise against US dollar
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Mumbai: The rupee depreciated by 9 paise to 72.02 against the US dollar in early trade Monday at the interbank foreign exchange, halting its four-day winning streak, ahead of RBI’s board meet.

Fresh demand for the American currency from importers amid rise in crude prices weighed on the domestic unit, dealers said.

However, weakness in the US dollar against some currencies in global market and a higher opening of the domestic equity markets limited the rupee fall ahead of Reserve Bank of India’s board meet, dealers said.

Finance Ministry nominees and some independent directors are expected to take on Governor Urjit Patel and his team later in the day over issues ranging from micro, small and medium enterprises (MSME) credit to the central bank’s reserves, though both sides are in favour of reaching a common ground.

Meanwhile, the international benchmark, Brent crude was trading higher by 0.72 per cent to USD 67.40 per barrel.

The rupee on Friday strengthened by 4 paise to close at a fresh two-month high 71.93 against the US currency, despite a rebound in oil prices and a stronger dollar.

Foreign institutional investors (FIIs) bought shares worth Rs 844.82 crore on Friday, as per provisional data.

The benchmark BSE Sensex was trading 159.66 points, or 0.45 per cent, higher at 35,616.82 in opening trade.