USD-INR pair is expected to quote in the range of 72.05 and 72.50, says Motilal Oswal.
10:35am: Rupee plunged nearly 1 percent intraday Monday, hitting fresh record low of 72.41, down 67 paise, on the back of strong demand for US currency.
10:20am: Rupee continues its freefall, hitting fresh record low of 72.35, down 62 paise from Friday's close of 71.73.
9:40am: Indian currency slipped further to a fresh record low of 72.28 per US dollar.
9:00 am: The Indian rupee opened at a fresh record low of 72.18 per dollar on Monday, down 45 paise from previous close 71.73.
On Friday, rupee consolidated in a narrow range and appreciated marginally against the US dollar, ahead of the important non-farm payrolls number that showed the US economy added 201,000 jobs in August, said Motilal Oswal.
On the other hand, unemployment rate fell to 3.9% in August compared to 3.8% in the previous month. The dollar rose against its major crosses following robust jobs number that strengthened prospects that the Federal Reserve would consider raising twice rate this year.Today, USD-INR pair is expected to quote in the range of 72.05 and 72.50, it added.
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