Rupee slumps 32 paise to close at 74.42 against US dollar

During the session, the domestic unit witnessed an intra-day high of 74.28 and a low of 74.45 against the greenback.

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The rupee depreciated 32 paise and settled at 74.42 (provisional) against the US dollar on Monday tracking strong American currency amid global risk aversion.

The local unit opened at 74.40 at the interbank forex market, then lost further ground and finally closed at 74.42 against the greenback, down 32 paise over its last close.

During the session, the domestic unit witnessed an intra-day high of 74.28 and a low of 74.45 against the greenback.

On Thursday, the rupee had declined by 23 paise to close at a two-month low of 74.10 against the U.S. currency.

Forex market was closed on Friday on account of Id-E-Milad.

Uncertainty ahead of US presidential election weighed on investor sentiment, traders said.

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, rose 0.23% to 94.25.

On the domestic equity market front, the 30-share BSE benchmark Sensex was trading 171.61 points higher at 39,785.68 and the broader NSE Nifty rose 31.80 points to 11,674.20.

Foreign institutional investors were net sellers in the capital market as they offloaded shares worth Rs 870.88 crore on a net basis on Friday, according to provisional exchange data.

Brent crude futures, the global oil benchmark, fell 3.08% to $36.77 per barrel.